KARACHI: Benchmark KSE-100 index plunged nearly 1,400 points during trading at Pakistan Stock Exchange (PSX). Investors trading shares are apparently uncertain about political and economic situation in country. KSE-100 Index closed at 40,970.82 points.

According to market experts, index witnessed declining trend owing to number of reasons, including fear of dissolution of Punjab and Khyber Pakhtunkhwa assemblies and mounting political confrontations which had damaged investor confidence.

AA Commodities Director Adnan Agar said stock market is reacting to all “Bad political news,

players are looking for political stability before assuming fresh positions in market.”

Pakistan and global lender have been holding discussions on ninth review under $ 7 billion Extended Fund Facility. However differences between both sides still persist making consensus harder to strike on staff-level agreement for commencement of review.

“Moreover, constant depreciation of rupee against dollar is adding fuel to downtrend,” he said, mentioning that investors are unhappy with how Finance Minister Ishaq Dar is handling rupee-dollar parity.

Shares of 341 companies were traded during session. At close of trading, 37 scrips closed in green, 283 in red and 21 remained unchanged.

Overall trading volumes rose to 265.28 million shares compared with Monday’s tally of 142.57 million. Value of shares traded during day was Rs 6.53 billion.

WorldCall Telecom Limited was volume leader with 12.52 million shares traded, losing 0.06 paisa to close at Rs 1.17. It was followed by K-Electric with 19.97 million shares traded, losing 0.17 paisa to close at Rs 2.29 and Hascol Petrol with 12.52 million shares losing 0.83 paisa to close at Rs 5.26.

Published in The Daily National Courier, December, 21 2022

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