Governor’s rule in KP rattles stock market
KARACHI: The imposition of governor’s rule and an emergency in PTI-ruled Khyber Pakhtunkhwa further weakened already fragile investor sentiment on Monday. The Pakistan Stock Exchange (PSX) remained under pressure from Middle East tensions, elevated oil and petroleum prices, inflationary pressures and political instability, all contributing to continued economic uncertainty. As a result, the…
Karachi experienced a stock market drop on Monday after the governor’s rule and emergency were imposed in Khyber Pakhtunkhwa, ruled by the Pakistan Tehreek-e-Insaf (PTI). The Pakistan Stock Exchange (PSX) struggled amid rising Middle East tensions, high oil prices, inflation, and political instability, causing the KSE-100 index to fall below 166,000.
Despite a deal with the IMF to release $1.2 billion, the market continued to suffer from selling pressure. Oil prices spiked near two-week highs due to attacks on Saudi Arabia, while US crude prices increased. The KSE-100 index plummeted 1,964 points in a single day, closing at 165,124.41, down 1.18 percent. Major laggards included United Bank, Oil and Gas Development Company, Habib Bank, Meezan Bank, and Lucky Cement, collectively dragging the index down by 645 points.
Investor participation was low, with trading volume up 17.3 percent but turnover value increasing by 6.02 percent. Bearish sentiment persisted, and the market was expected to remain volatile due to ongoing political uncertainty. Traders advised caution and selective investments in fundamentally strong stocks.
Written by urgent.news from Dawn Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
