Midday Report: KSE-100 Index plummets by 774 points on political turmoil

December 20, 2022 (MLN): Extending its losing momentum, the benchmark KSE-100 Index has plunged by 744 points so far [12:42 PST] and currently trading at the 40,196- mark or down by 1.89% DoD, mainly on the back of rising political uncertainty and ongoing economic crisis. 

Investors' sentiments have been badly crushed after surfacing up the news wherein PPP and PML-N lawmakers submitted a no-confidence motion against Chief Minister Pervaiz Elahi in the Punjab Assembly (PA).

The analyst fraternity is of the view that market players are seeking political stability and positive news from IMF before taking fresh positions in the market. 

Sector-wise, Technology, Cement, Commercial Banks, and, Fertilizers have witnessed higher selling activity as they have lost around 126, 81, 77, and 62 points, respectively.

Company-wise, the scrips of SYS, PSEL, TRG, and ENGRO have endured the maximum losses.

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