KSE-100 index plunges 388.62 points to settle at 42,873.35.
Benchmark index falls below 43,000-point mark.
Uncertainty in international crude oil market also fuelled bearish momentum.
KARACHI: The bears maintained their control over the Pakistan Stock Exchange (PSX) on Tuesday, in line with the preceding session, as the market reacted to repercussions of political uncertainty.
In the backdrop of a worsening political scenario coupled with poor economic data as a result of the rising geopolitical tensions and commodity prices in the international market, the index fell below the 43,000-point mark.
At the close, the benchmark KSE-100 index plunged 388.62 points, or 0.90%, to settle at 42,873.35 points.
Political instability following the Opposition’s decision to submit the no-confidence motion against Prime Minister Imran Khan in the National Assembly Secretariat impacted the investment climate.
Uncertainty in the international crude oil market coupled with projections benchmark interest rate also fuelled the bearish momentum.
The State Bank of Pakistan (SBP) later after the session announced that the Monetary Policy Committee (MPC) has decided to hold the policy rate at 9.75% for the next six weeks.
Arif Habib Limited in its post-market commentary noted that a volatile session was observed today due to political unrest and an overheated commodities cycle.
“The market opened in the red zone and stayed under pressure throughout the day,” it said, adding that the cement sector stayed in the red zone due to mounting international coal prices.
Meanwhile, in the last trading hour, across the board selling was witnessed.
Sectors contributing to the performance included banks (-85.8 points), cement (-67.7 points), exploration and production (-62.1 points), power (-37.3 points) and oil marketing companies (-34 points).
Shares of 343 companies were traded during the session. At the close of trading, 102 scrips closed in the green, 223 in the red, and 18 remained unchanged.
Overall trading volumes dropped to 226.10 million shares compared with Monday’s tally of 236.88 million. The value of shares traded during the day was Rs7.12 billion.
TPL Corporation was the volume leader with 17.35 million shares traded, losing Re1 to close at Rs10.46. It was followed by Unity Foods with 17.18 million shares traded, losing Rs1.49 to close at Rs23.64, and Ghani Global Holdings with 16.90 million shares traded, losing Rs0.87 to close at Rs15.83.
A 10-member Task Force has been formed by the government to digitize the Federal Board of Revenue (FBR) in partnership with the Special Investment Facilitation Council (SIFC).
Improving FBR’s systems and completely digitizing its operations are part of the Task Force’s mandate. Policy interventions, data automation, software installation, and collaboration with provincial revenue authorities are among the main goals.
Together with developing a track-and-trace system through integrated automation, the task force will also establish an Automated Supply Chain System for distributors and wholesalers.
Pakistan Revenue Automation Limited would become a stand-alone IT bureau for planning and data preparation.
In order to create a unified national tax strategy, the project seeks to maximize revenue collection, increase transparency, and simplify Pakistan’s tax system while encouraging cooperation between the federal and provincial tax authorities.
The benchmark 100 Index was up 777 points, finishing at 90,970 points, as the Pakistan Stock Exchange (PSX) maintained its striking upward trend for the sixth day in a row.
Strong market momentum and investor optimism were highlighted by the index’s 850-point spike earlier in the day, which briefly reached a record-breaking 91,050 points.
As trading activity hits previously unheard-of heights, the historic milestone represents increased investor optimism and represents a tremendous accomplishment for the PSX. Experts foresee continuous momentum if favorable conditions continue, attributing the ongoing advance to optimistic economic indicators and investor zeal.
The dates of the 2024 International Conference on Sustainable Agriculture are set for October 29 and 30 in Karachi.
Supported by the Green Pakistan Initiative, which has achieved great strides in the last year, the conference is organized by the Pakistan Media Development Foundation, Exhibitor TV, and Ripple Concept.
Focusing on enhancing agricultural productivity using contemporary technology, the conference supports the Special Investment Facilitation Council’s (SIFC) prioritizing of agriculture.
Experts will talk about sustainable techniques and organic farming, and there will be a plenary discussion on the Land Information and Management System.
In order to facilitate connections between professionals and stakeholders, the event will also feature exhibitions that promote contemporary methods and technologies.
Sindh and Balochistan’s agriculture departments will display their accomplishments in provincial pavilions. Participants will also include sponsors Saudi-Pak Investment Company, National Bank of Pakistan, and Bank of Punjab.