{"id":60364,"date":"2024-02-15T10:48:31","date_gmt":"2024-02-15T10:48:31","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/kse-100-index-plunges-900-points-during-intraday-trade\/"},"modified":"2024-02-15T10:48:31","modified_gmt":"2024-02-15T10:48:31","slug":"kse-100-index-plunges-900-points-during-intraday-trade","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/kse-100-index-plunges-900-points-during-intraday-trade\/","title":{"rendered":"KSE-100 index plunges 900 points during intraday trade"},"content":{"rendered":"

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Bears dominated the Pakistan Stock Exchange (PSX) on Thursday as shares witnessed a spike in selling pressure, with analysts attributing the losses to \u201cambiguity on the political landscape\u201d.<\/p>\n

The KSE-1000 index lost 936.97, or 1.51 per cent, to stand at 61,216.87 at 2:52PM from the previous close of 62,153.84 points.<\/p>\n

The index was fairly stable during trading before plunging 900 points after 2:30pm. The losses had coincided with the PTI saying<\/a> it would announce a date for countrywide protests against alleged rigging in the Feb 8 polls.<\/p>\n

On Wednesday, the index had rallied<\/a> following a formal announcement by PML-N and its allies, including the PPP, for the formation of a coalition government which restored investor confidence. As a result, the KSE 100 index partially recovered the overnight losses and settled above the 62,000 level.<\/p>\n

Speaking to Dawn.com<\/em> today, Tahir Abbas, head of research at Arif Habib Limited, said: \u201cThe market is reacting negatively amid ambiguity on the political landscape.\u201d<\/p>\n

Additionally, he attributed the bearish momentum to \u201ccompanies with high dependency on natural gas\u201d as cost of production was expected to increase given the gas tariff hike<\/a>, which would result in lower margins and profitability.<\/p>\n

It should be mentioned that the caretaker government on Wednesday allowed<\/a> another up to 45 per cent increase in the natural gas tariff with effect from Feb 1 to meet revenue requirement of the gas utilities targeted for the current year.<\/p>\n

Shahbaz Ashraf, chief investment officer at FRIM Ventures, credited the 900-point loss primarily to \u201cunclarity on the political set-up going forward\u201d.<\/p>\n

Shahab Farooq, director of research at Next Capital Limited, said that the market was starting to focus on the \u201cimminent challenges ahead\u201d, particularly the next government\u2019s task of negotiating with the International Monetary Fund (IMF) for a new and bigger programme as deemed necessary for external account sustainability.<\/p>\n

However, a new IMF programme was expected to follow \u201cmore stringent conditions\u201d which has made equities move down with low participation, he added.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Bears dominated the Pakistan Stock Exchange (PSX) on Thursday as shares witnessed a spike in selling pressure, with analysts attributing the losses to \u201cambiguity on the political landscape\u201d. The KSE-1000 index lost 936.97, or 1.51 per cent, to stand at 61,216.87 at 2:52PM from the previous close of 62,153.84 points. The index was fairly stable […]<\/p>\n","protected":false},"author":2,"featured_media":60365,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/i.dawn.com\/large\/2024\/02\/151447574f81221.jpg?r=151743","fifu_image_alt":"","footnotes":""},"categories":[10],"tags":[],"class_list":["post-60364","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pakistan"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t