KSE-100 crashes by 711 pts as investors exhibit pessimism towards budget announcement

June 10, 2019 (MLN): The KSE 100 index has crashed by almost 711 points during the early hours of the session, and is trading at 34,793 points as of now. The benchmark index has succumbed to the unfavorable sentimentalities hovering around tomorrow’s budget announcement, as most market participants expect a budget loaded with taxes.

The stock market is showing extreme volatility also because of unfavorable movements in exchange rate and selling pressures as capital market has opened after almost a week.

It is pertinent to state that the index has lost nearly 10,636 points since the announcement of last annual budget.

Commercial Banks, Fertilizer and Cement sector seem to be the major driving forces behind this deterioration, as they have collectively taken away around 320 points from the index.

The broader KSE All Share index has also lost nearly 480 points so far, and is currently trading at 25,412 points.

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Posted on: 2019-06-10T11:33:00+05:00