PSX plunges over 970 points due to political uncertainity


Karachi: Marred by the political uncertainty in the country, the Pakistan Stock Exchange (PSX) shed over 970 points during intraday trading on Tuesday.

At around 2 pm, the KSE-100 Index was hovering around 39,971.73, after a decline of 999.09 points, or -2.44%.

psx points

Across-the-board pressure was witnessed as investors looked to offload their holdings in the face of rising political volatility and economic uncertainty in Pakistan.

Following Imran Khan’s decision to dissolve assemblies in KP and Punjab, the PDM on Monday submitted a no-trust motion against CM Punjab Parvez Elahi.

Other than these factors, the market has been under pressure for some time. Last week, the PSX witnessed massive selling pressure as the benchmark KSE-100 index lost over 550 points over domestic and international developments. It gained to finish higher on Friday but began this week on a negative note again.

Moreover, the delay in the disbursement of the ninth review of the stalled EFF program with the IMF has also shaken investors’ confidence.

Differences between both sides still persist, making consensus harder to strike on a staff-level agreement for the completion of the 9th review under the $7 billion Extended Fund Facility (EFF).