PSX sheds 932 points amid political turmoil and higher interest rate
The Pakistan Stock Exchange (PSX) as the benchmark KSE-100 index lost over 900 points during trading on Tuesday.
The KSE-100 index lost 932 points or 1.48% and was closed at the 61,841.74 level. During the intraday trading, the index plummeted by over 1100 points.
The index traded in a range of 1,436.88 points showing an intraday high of 63,074.51 (+300.79) and a low of 61,637.62 (-1,136.10) points.
Earlier, the KSE-100 hit an intra-day low of 61,637.62, down 1,163 points before a minor recovery.
Market analysts attributed the panic selling to concerns over the law and order situation and the deepening political crisis, SBP keeping policy rate of 22% and uncertainity over February 8 , general elections.
A combination of different factors including political uncertainty, monetary policy announcements, the issue of energy circular debt, and even the financial figures for the first six months of the current fiscal year is impacting stock market trends.