The Pakistan Stock Exchange (PSX) turned bearish in a range-bound as well as low-volume session on Tuesday due to persistent political uncertainty in the country, with the benchmark KSE-100 Index shedding 26.43 points (-0.06 percent) to close at 43,203.79 points.
The PSX opened on a positive note and remained in the green territory for most part of the session. The last hour trading brought the index into the red territory and it finally closed after shedding 26 points.
The political instability in the country dented the investors’ confidence, as the parliament is moving closer to a vote of no-confidence move against Prime Minister Imran Khan, with both treasury and opposition benches expecting a victory.
On the other hand, the Pakistani rupee plunged to all-time lowest level of 181.73 against the US dollar during the day – setting seventh low in last seven sessions – smashing the investors’ confidence further.
The rupee has set nine all-time record lows against the American currency during the last 15 days. Moreover, rising crude oil and other commodity prices are also weighing on the local bourse.
The KSE-100 Index moved in a range of 234.24 points, showing an intraday low of 43,164.20 points and a high of 43,398.44. TLTP .
