PSX nosedives 1,250 points amid political turmoil

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The Pakistan Stock Exchange (PSX) felt the heat of political turmoil on Monday, with the benchmark KSE-100 Index nosediving 1,250.07 points (-2.77 percent) to close at 43,902.04 points.

The PSX opened on a sharp negative note and fell more than 1,100 points within initial minutes trading. The index breached two psychological levels of 45,000 points and 44,000 points during the session and remained in the red territory throughout the session. The index witnessed the selling spree 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 a day earlier after a no-confidence motion against the sitting premier was dismissed by the NA speaker. All these events dented the investors’ confidence.

The KSE-100 Index moved in a range of 1,328.03 points, showing an intraday low of 43,824.08 points and a high of 45,152.11. Among other indices, the KSE All Share Index shed 726.2 points (-2.35 percent) to close at 30,129.34 points, while KMI All Share Islamic Index shed 604.73 points (-2.72 percent) to close at 21,663.7 points.TLTP

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