Karachi: The Pakistan Stock Exchange (PSX) after an accelerated momentum witnessed a sudden downturn as political uncertainty took center stage during the trading session. The benchmark KSE-100 index experienced a significant drop of nearly 900 points in the second half of Friday’s trading.
The initial half of the session saw a range-bound market signaling positive trends for investors, but then it took a sharp turn following news of the Senate approving a resolution advocating for a delay in the upcoming general elections. The index, which had shown positive momentum earlier, reversed its course during the mid-session break, dropping from a gain of 290 points to a loss of nearly 900 points within 10 minutes between 2:40 pm and 2:50 pm, dropping down to less than 64,000 points.
The Senate’s resolution, put forward by Senator Dilawar Khan mentioned security concerns and weather as the basis for seeking a delay in the general elections, prompting concerns about increased political instability in the country and leading to the drop in the KSE-100 index. The development highlights the impact of political decisions on investor sentiment and the stock market in Pakistan.
However, after the plummet in the KSE-100 index, the market once again gained upward momentum, and the index reached 64,659.46 points by 4:01 pm.
It is worth noting the market had closed at 64,639 points yesterday.
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