KSE-100 index plunges 1,250 points over political uncertainty

Published April 4, 2022
The market opened more than 700 points in the red. — Graph courtesy: PSX website
The market opened more than 700 points in the red. — Graph courtesy: PSX website

Pakistan Stock Exchange's (PSX) benchmark KSE-100 index shed 1,250.07 points on Monday as the country faces an uncertain political situation.

On Sunday, National Assembly (NA) Deputy Speaker Qasim Suri threw out the no-confidence motion against Prime Minister Imran Khan after which President Arif Alvi dissolved the NA on the prime minister's advice.

The legality of these moves is currently being debated in the Supreme Court, which is expected to issue an order soon.

The market fell over 700 points immediately after the opening bell, sliding further throughout the day to close 1,250 points, or 2.77 per cent, in the red at 43,902.

According to Mettis Global — a web-based financial data and analytics portal — cement, commercial banks, and technology & communication sectors were the major losers of the day.

Head of equities at Intermarket Securities, Raza Jafri, said the decision to dissolve the National Assembly was unexpected and it drew a strong reaction in the market.

Meanwhile, stockbroker Zafar Moti said the political developments over the weekend were surprising and the market behaved contrary to expectations.

He said the market might continue on a similar trajectory until the Supreme Court gave its verdict on the matter.

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