The benchmark KSE-100 dropped by nearly 500 points
After the arrest of Pakistan Tehreek-e-Insaf (PTI) chairman Imran Khan by law enforcement agencies outside the Islamabad High Court (IHC) on Tuesday, the benchmark KSE-100 dropped by nearly 500 points, reflecting the impact of deeper political turmoil.
Due to economic and political turmoil in the country, there was selling pressure on Pakistani stock markets.
Experts agree that the quick decline is due to the fact that the previous prime minister, Imran Khan, is responsible for the unexpected decline in the stock price of the benchmark KSE-100 Index.
All of the sectors that contributed heavily to the index (automobiles, cement, chemicals, commercial banks, oil & gas explorers, and oil marketing firms, or OMCs) were hit by selling.
The KSE-100 Index lost 455.68 points (1.09%) by the end of trading on Tuesday, closing at 41,373.81.
The banking industry (-109.45 points), oil and gas exploration (-78.30 points), and fertiliser (-56.31 points) were the main contributors to the benchmark index’s decline.
The value of shares traded grew to Rs5.85 billion from Rs4.76 billion on Monday, while trading volume increased to 203.1 million from 179.1 million.
The most shares were traded in WorldCall Telecom (31 million), followed by National Bank (10.6) million, and K-Electric Limited (8.3 million).
On Tuesday, the stock prices of 329 firms fluctuated as follows: 73 went up, 245 went down, and 11 stayed the same.