Early Trade: KSE-100 plummets by over 1,000 points

May 16, 2022 (MLN): Amid political uncertainty and indecisiveness over pre-requisites for the International Monetary Fund (IMF) program resumption weighed heavily on investors’ sentiments as the benchmark KSE-100 Index has lost 1,017 points so far in early trade [10:16 PST]. The index is currently trading at 42,468 points.

Despite the prior conditions i.e reversal of the unfunded subsidies for the IMF's ongoing $6 billion loan program, the government on Sunday has decided to keep the petrol prices unchanged with effect from May 16, 2022, till further order.

Commercial banks, cement and technology & communication have witnessed higher selling activity as they have lost around 232, 158.6 and 108.21 points, respectively.

Company-wise, the scrips of SYS, LUCK, MEBL, BAHL, HBL, PPL and ENGRO have endured the maximum losses.

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Posted on: 2022-05-16T10:15:32+05:00