PSX gains 26 points in volatile session amid political turmoil

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The Pakistan Stock Exchange (PSX) turned positive on Tuesday in a volatile session following a free fall of 1,250 points a day earlier, with the benchmark KSE-100 Index gaining 26.03 points (+0.06 percent) to close at 43,928.08 points.

The PSX opened on a sharp negative note and hit the intra-day’s lowest level. However, the index turned around soon and within the next hour, the index hit the intra-day’s highest level. The last hour of trading saw profit-taking and selling pressure brought the index back to the red territory; however, the index managed to close in the green.

The index witnessed the volatile trading due to the political events that took place on Sunday, as President Arif Alvi dissolved the National Assembly on Prime Minister Imran Khan’s advice after a no-confidence motion against the sitting premier was dismissed by the NA speaker. All these events dented the investors’ confidence.

All eyes are on the Supreme Court verdict on the National Assembly Speaker’s ruling of April 3 that led to a constitutional crisis-like situation in the country, an analyst at Pearl Securities said. “The International Monetary Fund (IMF) has paused the negotiations until a new government is formed. Moreover, the exchange rate is in free-fall as the dollar touched a high of Rs185. The trade deficit in the first nine months of fiscal year 2022 has clocked-in at $35 billion, while the State Bank of Pakistan (SBP) reserves have depleted to $11 billion signaling worsening economic situation,” he added.

The KSE-100 Index moved in a range of 505.8 points, showing an intraday low of 43,784.03 points and a high of 44,289.83.

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