Due to political instability, inflation fears, and a lack of clarity on the resumption of the International Monetary Fund (IMF) programme, the Pakistan equity market was under pressure throughout the day.
A bloodbath session was observed in the market today, according to an expert at Arif Habib Limited. Despite opening in the positive zone, the market failed to sustain as continued fiscal and political uncertainty triggered investor confidence, causing the market to conclude on a negative note.
“The market witnessed profit selling across the board today due to further depreciation of rupee and tightening economic situation which pulled the KSE-100 index down to 1100 points giving the bears an upper hand,” he added.
“The last trading hour witnessed value buying in cement stocks helping the index to recover modest gain with positive momentum. The session remained dull, on the contrary hefty volumes were observed in 3rd tier stocks.”
The KSE-100 shares Index of the Pakistan Stock Exchange fell 1.47 percent, or 641.21 points, to settle at 42,863.15 points.
The KSE-30 stock index fell 1.27 percent, or 210.06 points, to 16,303.90 points.
There were 359 scrips active, with 47 advancing, 296 declining, and 16 remaining unchanged.
The total market volume was 338.54 million shares, up from 233.85 million shares traded in the previous trading session.
The benchmark KSE-100 Index saw a big sell-off session today, according to an analyst at Pearl Securities, as the dollar hit a new all-time high.