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Sunday, April 14, 2024  
05 Shawwal 1445  

KSE-100 sheds over 1,000 points amid political uncertainty

Benchmark index settles at 59,872.96 levels
A stockbroker monitors the share prices during a trading session at the Pakistan Stock Exchange in Karachi on May 16, 2022. AFP
A stockbroker monitors the share prices during a trading session at the Pakistan Stock Exchange in Karachi on May 16, 2022. AFP

The Pakistan Stock Exchange shed more than 1,000 points on Friday as political uncertainty and ambiguities regarding the government formation hit investors’ sentiments.

The benchmark KSE-100 Index shed 1,147.09 points or 1.88% to settle at 59,872.96 levels at the closing of the market.

Similarly, the KSE-30 Index lost 382.10 points or 1.87% to reach 20,099.31 levels at the market closing.

The plunge in the capital market came a day after Moody’s Investors Service highlighted a clouded credit rating outlook for Pakistan due to political uncertainty after the February 8 election.

“While negotiations between parties to form a coalition government are currently underway, prolonged delays will raise political and policy uncertainties at a time when Pakistan faces significant macroeconomic challenges, particularly its very weak external and liquidity position,” Moody’s analysts stated in a note.

While expressing concerns regarding the potential challenges by polarised political conditions, Moody’s stressed the need for timely decision-making in the face of significant macroeconomic pressures.

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