KSE 100 index plunges by 390 points

Amanullah Khan

Karachi

KSE 100 Index dropped by 390 points in the first trading session of the week amid extremely low market volume of 88 million all shares, an indication how the investors losing confidence by volatile political chaos prevailing in the country for quite a long times.
The uncertain political situation not only has affected export regime which is the major source of external flows but disturbed economic conditions and levying taxes both in UAE and Saudi Arabia may have an adverse impact on home remittances as well as foreign reserves of the country.
However in a sluggish market activity Chakwal Spinning was volume leader with trade of 5.60 million shares while the other two volume leaders of the day were including TRG and NIshat Chunia with trade volume of 5.77 and4.61 million shares to their credit respectively.
Meanwhile the international oil prices fell in the previous session but trades within a tight range of US$51.20/bbl – US$52.80/bbl as participant awaits clarity. The gains were supported by the geopolitical instability in Iraqi Kurdistan. However, Middle Eastern oil producers are concerned that the recent price rise will incentivize more U.S. shale production and push prices lower again.

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