KSE – 100 Index down 178 points at open

KSE – 100, Pakistan’s Stock Exchange Index, is down 178 points at open after a continuation of the weeklong bearish rally sent the markets dipping downwards. Investors seem to have cold shouldered the budgetary announcements in favor of the PSX – decline in Super Tax, Corporate, and Reversal of Bonus Shares Tax – fearing these changes might be reversed after government is replaced in the coming election.

Furthermore, Commercial Banks, Fertilizer and O&G Exploration companies have been taking a beating since the open. Commercial Banks was the top losing sector of the index yesterday as well. The banks have been hit the worst as the gradual wiping out of Super Tax is expected to decrease the banking sector’s earnings by more than 7 percent, according to some estimates.

KSE – 100 is currently trading at 45018.26 points, with total volume traded at 7.544 million.