PSX loses record 3,506 points on political uncertainty

Equities fell like nine-pins on the Pakistan Stock Exchange (PSX) on Tuesday as the PTI protest in the capital rattled the market confidence, sending investors into panic selling. As a result, the benchmark KSE 100 index suffered the biggest single-day plunge amid growing uncertainty. After a positive start towards the psychological barrier of 100,000, the stock prices witnessed a bloodbath triggered by massive selling by mutual funds and foreigners as the deteriorating law and order situation led to the cancellation of cricket matches with the visiting Sri Lankan team, a clear indication that the security situation is not as good as was being presumed as the PTI protesters reached the capital by removing the unprecedented barriers. However, the trading volume surged past one billion shares, indicating an across-the-board selling spree. The index peaked at 99,819.59 with an intraday gain of 1,739.81 points. However, the bullish momentum reversed sharply, driving the index down to a low of 94,180.60, marking a substantial decline of 3,899.18 points. Ultimately, the index settled at 94,574.16 after losing 3,505.62 points or 3.57pc day-on-day.