Pakistan’s KSE-100 falls 1,964.87 points amid state of emergency — Dawn

In Pakistan, the KSE-100 index of the Pakistan Stock Exchange fell by 1,964.87 points, or 1.18%, to 165,124.41 points at the close of trading on Monday. Investor sentiment was affected by political uncertainty following the imposition of governor’s rule and a state of emergency in the province of Khyber Pakhtunkhwa, where the PTI party is in power.

As Dawn reports, the index fell by 1,920 points during the session. On Sunday, President Asif Ali Zardari approved the federal cabinet’s recommendation, after which the federal government decided to impose a state of emergency in Khyber Pakhtunkhwa.

Pressure on shares of major companies

Shares of United Bank, Oil and Gas Development Company, Habib Bank, Meezan Bank and Lucky Cement had the greatest impact on the index. Together, they reduced the KSE-100 by around 645 points.

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Trading activity remained below 500 million shares, although total trading volume rose by 17.3% to 362.95 million shares. The value of concluded deals increased by 6.02% to 14.5 billion Pakistani rupees. The highest trading volume was recorded in Treet Corporation shares, at 27 million.

Oil and political uncertainty

The market was also pressured by tensions in the Middle East, inflationary pressures, and rising prices for oil and petroleum products. Brent futures rose by 2%, or $2.07, to $106.79 per barrel, the highest level since September 29. U.S. West Texas Intermediate crude rose by $1.69, or 1.8%, to $93.54 per barrel.

A staff-level agreement with the International Monetary Fund, which opens the way for the disbursement of $1.2 billion under two existing programs after approval by the IMF Executive Board, has not supported the market in recent days. Ali Najib, deputy head of trading at Arif Habib Ltd, said the market may remain volatile due to domestic political uncertainty and investor caution.