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Political Turmoil Takes Toll on Stock Market, KSE-100 Index Sheds Over 1,100 Points

The unpredictable political situation in the country wreaked havoc on the Pakistan Stock Exchange (PSX) today, with bears dominating the trading floor and benchmark KSE-100 index shedding more than 1,100 points at close.

The benchmark KSE-100 index opened on a positive note on Thursday, surging over 240 points in early trading hours till 9:30AM. However, the downward spiral started after 10 AM.

At 3PM, the index was quoted at 60,926, recording a dip of 1.97 percent or 1,227 points. Eventually, the KSE-100 settled at 61,020, down by 1.82 percent or 1,133 points.

The broader KSE All Share Index dropped by 713 points to settle at 41,163. The KMI 30 Index lost a massive 2,469 points to close at 100,992.

As seen before, political instability took a toll on investor sentiment for the entire trading session, leading to the market decline. According to brokerage house Arif Habib Limited, only 14 stocks closed in the green while 79 landed in the red. The day’s biggest laggard was Oil & Gas Development Company Limited (PSX: OGDC).

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“February is again proving to be a dull seasonal period for the KSE-100,” the brokerage said in a quick market wrap.

K-Electric Limited (PSX: KEL) saw the highest activity in terms of volume with nearly 33.3 million shares changing hands, followed by Media Times Limited (PSX: MDTL) and Pakistan International Airlines Corp (PSX: PIAA) at 22.4 million and 28.6 million shares traded respectively.

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