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Closing: KSE index plunges on political uncertainty

Closing: KSE index plunges on political uncertainty

KARACHI: The Karachi Stock Exchange (KSE) 100-index plunges 42.41 points to stand at 30094.16 points, as indiscernible effects of institutional profit-taking, political uncertainty and flood devastation kept the KSE-100 index in red zone

The KSE-100 index, opened at overnight closing of 30136 points and kept on fluctuating amid investors’ concerns for political uncertainty and economic losses on account of devastating floods, especially in Punjab. During midday KSE has lost 35 points or 0.12 percent to reach 30101 points.

The highest increase witnessed in price of the Fauji Cement, Telecard Limited, Jah. Sidd Company, Engro Corporation while the UniLever Pak, Siemens Pakistan XD, Shield Corporation and Millat Tractors Limited remained the biggest losers of the day.

As a whole 32.89 per cent of companies witnessed increase in their shares while 22.48 per cent lost their share value and 3.47 per cent companies remained stable.

Experts are of the view that investors were confused from recent announcement to show power by PTI Chairman Imran Khan on Friday and it was expected that market will close down last day too.

Meanwhile, development taking place across the political spectrum, adding to the uncertainty as Prime Minister Nawaz Sharif, weakened by weeks of demonstrations calling for him to resign, threatened to clear the protest camp established more than a month ago outside Parliament House in Islamabad.