KSE-100 plummets as much as 900pts amid election uncertainty

January 05, 2024 (MLN): The local stock market traded sideways for the first half of Friday's session; however, its key benchmark KSE-100 index sharply nosedived by almost 900 points in a few minutes amid sudden political uncertainty.

The Senate has passed a resolution seeking to delay the election due to 'security concerns'.

PSX's key benchmark index plummeted to as low as 63,758 before paring some of its gains to currently trade at 64,238.48 [03:30pm PST].

The index has traded a volume of 558.911 million shares.

KSE-100 index is being let down by Commercial Banks with 106.51, Fertilizer with 88.2, Miscellaneous with 34.32, Oil & Gas Exploration Companies with 33.22, and Cement with 29.57 points.

Companies that are dragging the index lower are PSEL with 35.67, ENGRO with 32.53, FFC with 31.76, BAHL with 28.39 and UBL with 25.06 points.

In the broader market, the All-Share index is at 43,103.01 with a net loss of 205.85 points.

To note, the KSE-100 has gained 22,786 points or 54.97% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 1,787 points, equivalent to 2.86%.

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