Stocks hammered as KSE-100 sinks over 3000 points in last 4 trading sessions
The market fell sharply in fear of the Covid outbreak. The index has touched 63 sessions low today.
KARACHI (Dunya News) – The Pakistan Stock Exchange lost another 2 percent on political noise and waive of tax exemptions development pushing the index to reach to 63 sessions low on selling from mutual funds.
Pakistan market has lost 3,058 pts in the last 4 trading sessions. This is the highest 4-day losing streak after Mar 18, 2020. The market fell sharply in fear of the Covid outbreak. The index has touched 63 sessions low today.
Pakistan Stock Exchange witnessed another bloodbath with the benchmark index losing over 1,000 points intraday amid persistent selling pressure, said A.A. Soomro, managing director at KASB Securities.
“Higher cut off yields in Wednesday’s T-Bill auction, coupled with the overall political uncertainty in the country, caused panic among investors. Sectors that drove the benchmark index south included technology, refineries, & automobile manufacturers”, he said.
“We expect the index to remain lackluster tomorrow with investors’ focus on the election of Chairman Senate which will define the political scenario going forward”, said Soomro.
Investors sold aggressively in the Stock Market mainly on the prevailing uncertainty over the Senate Chairman elections along with the waiver of tax exemptions by the Government of Pakistan, said Muhammad Saeed Khalid, head of research at Shajar Capital.
Further, we have noticed intra-day low of 1,001 points during the day where investors sold drastically in the Oil, Tech, Refineries and Automobile stocks mainly on the political turmoil in the country, he said.
“Despite initiation of COVID vaccines in Pakistan, investors remained cautious mainly on the IMF meeting scheduled on 24th Mar 21 in order to renew the loan program in the country”, said Saeed Khalid.
Details by Harris Zamir
