KSE-100 dives 1.11% over uncertain political situation

The Pakistan Stock Exchange (PSX) remained under pressure on Friday as the KSE-100 index slid 1.11% owing to political uncertainty in view of another long march to the capital.

Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan kickstarted the “Haqeeqi Azadi March” on Friday which is aimed at pressuring the government into announcing fresh elections.

As a result, the KSE-100 Index fell 462.53 points or 1.11% to close at 41,140.33. On a weekly basis, the benchmark KSE-100 index lost 2.54%.

KSE-100 edges 0.15% higher amid political uncertainty

The first session kicked off at a negative note and the market fell in the first session to close with a loss of 270 points. The decline intensified in the second half and the losses inflated further.

Index-heavy automobile, cement, oil and chemical sectors closed with massive losses.

A report from Capital Stake stated stocks took a beating on the last trading session of the week as political noise continued to rattle investors.

“Indices slipped lower and lower all day long, whereas volumes plunged from last close,” it said. “Investors opted to stay on the sidelines ahead of the opposition’s long march which was scheduled to begin on Friday.”

A report from Topline Securities stated that KSE-100 Index largely remained under pressure during the trading session, as index lost value to close at 41,140 level (down by 1.11%).

On the economic front, SBP’s foreign exchange reserves decreased $157 million on a weekly basis, clocking in $7.44 billion as of October 21, 2022.

Moreover, rupee registered losses for the third successive session against the US dollar, and settled with a depreciation of 0.44% or Re0.97 in the inter-bank on Friday to close at Rs222.47.

Sectors dragging the benchmark KSE-100 index lower included cement (80.91 points), oil and gas exploration (74.35 points) and technology and communication (70.54 points).

Volume on the all-share index contracted to 177.8 million from 203.6 million on Thursday. Similarly, the value of shares traded fell to Rs4.7 billion from Rs6.4 billion recorded in the previous session.

WorldCall Telecom was the volume leader with 25.7 million shares, followed by K-Electric with 13.2 million shares and Cnergyico PK with 10.4 million shares

Shares of 322 companies were traded on Friday, of which 87 registered an increase, 220 recorded a fall, and 15 remained unchanged.