KARACHI: The Pakistan Stock Exchange (PSX) on Tuesday felt the heat of political uncertainty and lost over 900 points to close at a one-month low.
The benchmark KSE-100 Index closed at a month low of 61,842 points, marking a day-to-day decrease of 1.48% or 932 points.
The market witnessed panic selling over concerns about the deepening political crisis after a Special Court sentenced former prime minister Imran Khan and ex-foreign minister Shah Mahmood Qureshi to 10 years in prison each in the cypher case.
Investors rushed for a massive sell-off, fearing the potential impact of the turmoil on the market.
The decline affected top volume leaders in the energy, telecom, and banking sectors.
Financial experts counted on the political developments as a one of the contributing factors to decline in the market.
There were other factors too, including sustained foreign sell-offs over the past few days and the maintaining of record-high policy rate of 22% for the next six weeks.
Meanwhile, the PSX witnessed substantial consecutive selling, leading a cumulative drop of around 4.60% or 3,000 points in the past four days.
The market had reached an all-time high at 67,094 points in late December 2023.
