KSE-100 tanks 2,100pts amid delayed election results

February 09, 2024 (MLN): The local stock market was hit hard by the delay in the election results, with the benchmark KSE-100 Index plummeting 2,118.43 points or 3.3% to 62,025 by around 09:25am.

Sunny Kumar, deputy head of research at Topline Securities, said the market will take a hit and remain under pressure until this uncertainty about election results goes away.

Going forward, the IMF deal will become more important for any new government and be a major trigger for the market, he added.

KSE-100 index was let down by Commercial Banks with 449.33, Oil & Gas Exploration Companies with 443.68, Fertilizer with 203.72, Power Generation & Distribution with 190.12, and Cement with 187.27 points.

Companies that dragged the index lower were OGDC with 206.16, PPL with 174.13, HUBC with 152.1, MEBL with 114.72 and ENGRO with 110.85 points.

In the broader market, the All-Share index was at 42,097.71 with a net loss of 1,216.30 points.

To note, the KSE-100 has gained 20,573 points or 49.63% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative decrease of 426 points, equivalent to 0.68%.

Copyright Mettis Link News