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Sunday, April 21, 2024  
09 Shawwal 1445  

PSX sheds over 300 points before closing

Benchmark index reached 61,713.67 levels by 10am
A man uses a mobile phone as he takes a photo of the electronic board displaying share prices during a trading session at the Pakistan Stock Exchange, in Karachi, Pakistan on November 28, 2023. Reuters
A man uses a mobile phone as he takes a photo of the electronic board displaying share prices during a trading session at the Pakistan Stock Exchange, in Karachi, Pakistan on November 28, 2023. Reuters

Shares at the Pakistan Stock Exchange’s benchmark index showed a bullish trend to begin Thursday’s trading but ultimately shed over 300 points before closing..

According to the PSX website, the KSE-100 index closed at 61,914 points.

The benchmark index closed at 61,559.15 on Wednesday after rallying 1,000 points over “clarity on government formation and excitement surrounding the result season.”

The PML-N and the PPP reached an agreement on Wednesday night to a power-sharing formula after multiple rounds of talks.

The agreement ended 10 days of negotiations after the general elections where none of the political parties had a clear majority to form a central government.

According to reports, the PML-N would be allowed to nominate candidates for the post of prime minister, governors for Sindh and Balochistan and the National Assembly speaker.

The PPP would be allowed to nominate candidates for the president, Senate chairman, and the Khyber Pakhtunkhwa governor.

In its daily roundup, the Ismail Iqbal Securities said that the oil and gas exploration companies, commercial banks, and cement sectors were the major contributors in the session, cumulatively adding 538 points to the index.

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