Karachi July 21 2022: KSE-100 index drops below the psychological level of 40,000 to trade at 39,921 at PST 12.45 on political uncertainty, according to data provided by Pakistan Stock Exchange.
Former Pakistan Prime Minister Imran Khan has again called for an early national election after his party seized control of the state assembly in Punjab, the country’s most populous province. However, Ruling party decided to hold elections on completion of tenure. The Pakistan Tehreek-i-Insaf on Sunday routed the PML-N by winning 15 seats in the crucial by-elections on 20 seats that got vacated after the disqualification of PTI members who had voted for Hamza Shehbaz for Punjab chief minister’s office.
KSE-100 index drops more than 538 points or 1.33 percent in today’s trading session.
Engro Fertilizers Limited contributed decline of 56.75 points in KSE-100 as its share price drop by PKR 3.89 or 4.52 percent to PKR 82.25 per share while Engro Polymer & Chemicals Limited negative 34.52 points as its share price drop by PKR 4.31 per share or 6.22% to PKR 65.10 per share.
Yesterday Bloomberg reported that the International Monetary Fund (IMF) is looking to assess Saudi Arabia’s commitment to financing Pakistan before the multilateral lender disburses fresh funds to the country which adds to uncertainty over IMF program.
