Search

x
Join our whatsapp channel for News Updates

KSE-100 index plunges over 900 points over ‘political uncertainty’

12:00 PM | 16 Feb, 2024
KSE-100 index plunges over 900 points over ‘political uncertainty’

KARACHI – Trading at the Pakistan Stock Exchange (PSX) witnessed a downturn, with stocks plunging by over 900 points in intraday trade, signalling a bearish trend largely attributed to political uncertainties.

The benchmark KSE-100 index had dropped by 984.38 points, or 1.61 percent, standing at 60,035.67, down from the previous day’s close of 61,020.05 points.

Thursday saw a dominance of bearish sentiment on the PSX floor, driven by the Pakistan Tehreek-e-Insaf’s (PTI) nomination of candidates for prime minister and Punjab chief minister, along with its outreach to various parties for coalition formation.

Additionally, the Pakistan Peoples Party’s (PPP) hesitance to join the cabinet of PML-N leader Shehbaz Sharif, despite endorsing him for prime minister, sparked strong reactions from the PML-N, further deepening political uncertainty, which in turn pressured the benchmark index, erasing gains from the previous session.

Mohammed Sohail, CEO of Topline Securities, cited the uncertainty surrounding coalition formation as the driving force behind the day’s bearish trend, prompting leveraged players to adjust their positions.

Awais Ashraf, Director of Research at Akseer Research, highlighted concerns over the formation of a potentially weak coalition government at the federal level, coupled with calls for protests from various parties, casting doubts on the implementation of necessary economic reforms for recovery. Consequently, state-owned entities faced selling pressure, contributing to the index’s decline.

Yousuf M Farooq, Director of Research at Chase Securities, pointed out that the Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL) witnessed selling pressure due to delays in resolving circular debt and ongoing political uncertainty.

Daily Pakistan Global Web Desk

Advertisement

PKR exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 13 April 2024 Forex Rates

Pakistani currency remains largely same against US dollar and other currencies in open market on April 13, 2024.

US Dollar rate in Pakistan

On Saturday, the US dollar was being quoted at 277.4 for buying and 280.65 for selling.

Euro was quoted at 299.95 for buying and 302.9 for selling while British Pound stands at 349.5 for buying, and 353 for selling.

UAE Dirham AED was at 75.45 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 12 April 2024

Advertisement

Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter