Bears pounded the Pakistan Stock Exchange (PSX) today, with the benchmark KSE-100 index dropping more than 1,100 points at the close amid an unstable political environment.
The benchmark KSE-100 index appeared bullish from the start and gained over 240 points by 9:30 a.m. on Thursday, when trading resumed. It began falling after 10 a.m.
At 3 p.m., it was 60,926, down 1.97 percent, or 1,227 points. KSE-100 closed at 61,020, down 1.82 percent, or 1,133 points.
The KMI 30 index fell 2,469 points, closing at 100,992, while the KSE All Share index fell 713 points, closing at 41,163.
The political climate was as bad as usual, with volatility weighing on stocks throughout the day. According to Arif Habib Limited, only 14 stocks rose and 79 fell. Oil & Gas Development Company Limited (PSX: OGDC) had the worst performance today.
“February is once again proving to be a weak seasonal period for the KSE-100,” the brokerage stated in a brief market update.
K-Electric Limited (PSX: KEL) had the highest participation, trading over 33.3 million shares, followed by Pakistan International Airlines Corp (PSX: PIAA) and Media Times Limited (PSX: MDTL). The scrips saw 28.6 million and 22.4 million shares traded, respectively.
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