By-poll upset sends shockwaves through market

Rupee nosedives to 215.20 to a dollar; stocks shed 707 points


Our Correspondent July 18, 2022
File Photo (AFP)

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KARACHI:

The financial markets came under heavy battering on Monday, a day after Pakistan Tehreek-e-Insaf (PTI) won the by-elections in Punjab, changing the country’s political landscape, once again.

The rupee nosedived by a whopping 1.97% in a single day to hit an all-time low at Rs215.20 against the dollar in the inter-bank market, while the Pakistan Stock Exchange (PSX) plunged by more than 700 points.

Analysts attribute the development to the political uncertainty arising out of the outcome of the Punjab by-elections. The capital market came under renewed pressure in the wake of “political and economic uncertainties in Pakistan,” an analyst said.

The rupee slid by Rs4.25 to a dollar, losing significant ground against the backdrop of continuing political uncertainty and poor macroeconomic situation. The currency breached the previous record low of 211.93 to a dollar touched on June 22.

Read IMF and Pakistan’s trade dilemma

In line with the rupee fall, the benchmark KSE-100 index slumped more than 600 points shortly after trading began and lost 713.19 points against the previous day's close of 42,074.91. however, the index closed at 41,367.11 points, down 707.8 points or 1.68 per cent.

The stocks of 326 companies were traded during the day, out of which 253 were in the red, 55 green and 18 remained unchanged. The main board volumes remained dull although hefty volumes were observed in the third-tier stocks, analysts said.

Meanwhile, the price of 24-karat gold rose to Rs142,400 per tola from Rs140,850 the previous day, depicting an increase of by Rs1,550, whereas the prices of 10 gram 22-karat went up to Rs111,911 from Rs110,693, the other day.

COMMENTS (3)

syedmerjhmed | 2 years ago | Reply hblpkkhi35b34534b53s5m3s 5k3453s53snm53so4kn5m4s3nko7m34s o5s43i5s3o53sso53sok5s3o5k4s35o3s5s34o5ks3453osk53s5o3k4s534s5ok3453opsk53s45634nopk63s4ok74s3p5oks33s45s345k43o53s4563s465s34on53sno5ks3opk4po53k534p535o3s4pk534op5k43sop6k3s4os3k45s3453s45k43s534543534s5o34sj53s5o3sj453s5j3on4s5osk4s345s435634534o5k3s456o34kn53sopk53sn7ok34sok4s65s34o5k34s543543jk543so53j45on354o43543534n5o34pk346ok43s6s35oks345345345 S SKN5s3o453s4534n534sn5o34ns5345j346743ok3s5o43k5npok25onk22ko252k22@k252o5ko346s34s3454353ks45o3s453453o4k5j3s45o3s4k3s45ks34o7n43s54o3sk543so5435345345o4s354o3s5k35op34sk5345ok34so534s5n34sn5ko346734sok5s345435ko435n34KO734s543s543534s54s3543s53k4s5ok34534o5k34534ok564n3s534ok5o3k43s5o3k45o34k643s5k345b35345ok435435345k346ok7345ok35o345k435o34kn5o34pn535jo345353o4j543n53n5j3s634s5oks4355povk4o43k543o5k345345ko345o34k534o53453ko3s4kn67ok3 4sok5p43s5435435k4o43k543534ok543o543534534j5345435o34k5j34o53s453o45k34n5p34skn53sok467 Ok5435ok3454o3k543n54k3n5435ok34534onk7643sn43sok534s5o435o34n5k34no5k345o43543j7o43j43os3534o543j5 43o5jvk5 o443o54k3p5443o543543543543564568o4os63p5643jpoj56op34j6534sjp534ss563js453s4o5js345s3453s4ojk5s4n53sn53s45o3s45k3s45no34sn534os53o45k34543ok5j3s454s3okn53s455ks5p34534k534no53s45j34534j5k34o5pn34 OP K3j4on5345o252no5k2ok5nn4 K543n54n3543543534543k534545k4353s454354354354387k3on535ok4jo6kj345o43j5435k443jk543os5pk435pk43sok673s4ok53543s54s 3543543534543534534d57k546op546k4564op5j674d564do56j456o4d5645d6kjd45o64d5k6opk4dj5645d64d5654645645556k3son53sj5snp56j3s5j3sk653o4s3jk54ojk53465o3j4sk734sojk5 3o5jk345s4365 s43534s5s34534s538ok6so6k54ojo45kj45654o6kj45o6456 K 54o65k4okc5454435o435k43534534543534543534546846j576ojs464pj5464 O 64564j56456o4kj564 K4os6s6 Ok675465 47645645685966ojos6j45pj645p654oj75d4o7d45jd45o6k4n K456455435435345435435435437657859566s46oj546j54645oj6456j4d64do6j4do6j4d5645o6j54d64d5o6d457j54j46456456456456546456465765s4k6n43no6kj456okj4d56skj54o6kd4565d46546456456k 4d56 4d564d564d56456kkvo6456546549hblpkkhino24 73n543k653n4m53653m4535o34nk53p5 353ok5s34534kn6534k56o345643o5k43543os5k3so53454k53sk7p3s45ko334s65k43no543k5okp54o43k5435345435435o34k5435435435435345okso5ks43n53 OK435 K o56345k345345ok345o4k36464576546k54d6o45k64645o64k645do66kd5o7k4p7ok64pok54654654ok6d456k456d4ok64dok8 D Ok54d6d45o6d45o6d45k6456434n5s345ks34ok5435k346o6kp4574dopk74d567d45k654do65d46o54d654645o6456456546o456456549464576omj4m674ojk5O jd4k674dkj57645d O4dk5o764k5djdo6k4do64d5654d6456456o46d476kd4ok3osk5ns346ko45634k45ok7d4o56k5d4674d57645o6k54do6jc5434543o54354353453453455468home46s6ms3k35m345435po345nk354p35 ko4354354354s3k5435435435435o435435345o35646956ko456k456o456546ok45d645jo645kpvok6456546o546k54645o6k456 6456534354695o5s3o5s35ko3s4j5o353kj5o3k5 OK 34s5s3456o43s5s345s353453454353o45345353453453459syedmerjhmed4t6s46o34jks34 jsk35k43s54s354s35ks34534o53k47433 4343 5435435643534534 79syedmerjhmed44334km5435 34543k543m543kl5m 435435435k34m534 54354353k453454356546963465345634k56op34k6534ok6534o5634op56k34p56o34sjp53so4j5k3s453s4ojk543osn5kjoc5345345435o34543543465o4kd46po457645ojp74576d54ojk674d567d456kd46o4d56koc5ok34543543o634653465345345347694s646jo456js546os54j OS4j564soj6s45o64s5o65k47454jk7854o64654654d64565465464564565496sk46o45jk4o5jk546754ojk45o6kj4do645 do6jk45b54opjk4 O K45675476456456k456456546456546456546546459hblpkno24 7bk535634534653o4s563s53s5354353534546495ml43l5634 543o53 534p534o65 3465l3s65 3ps563s534s 563p4l563s534so53 s45p3l4s53s SO
Babarazam | 2 years ago | Reply Fuck you pakistan your country will default and you beggars will roam with utensils all around the world. You terrorist people
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