KSE-100 breaks critical support of 31,500, turns bearish

The Mint PK

Comprehensive source of Business, Lifestyle and Technology news from Pakistan

Markets

KSE-100 breaks critical support of 31,500, turns bearish

  • Index heavyweights bring Index down geopolitical tensions
  • Investors remained sidelined, Trading volumes thin
  • Market trading at 3-years low with the cheapest valuation in the region

KSE-100 Index lost 485 points amid rising tensions on Geo-Political front as Investors remained sidelined with Index Heavy Weight stocks falling with thin volume.

The market opened on a positive note, however, sentiments turned negative when the news flow starts coming regarding the Indian Government’s decision to invoke Article 370 which gave a special status to Jammu and Kashmir, resultantly aggravating the Kashmir Dispute.

 Source:psx.com.pk

In a separate statement, the foreign ministry of Pakistan said that Pakistan will “exercise all possible options to counter the illegal steps, being a party to the international dispute”. The Geo-Political situation remained tense, uncertainty prevails over the future of the region. Indian Stock market also fell to 6 months low as escalating trade between US-China and the invoking of Article 370 in Kashmir led uncertainty. While Indian Rupee fell to its ever lowest level of 70.49.

UBL, MCB, HBL and HUBCO cumulatively contributed 191 points decline in the Index. The index closed on the lowest level since February-16. The index is near 100-SMA level on the monthly chart which is currently lying at 30,688.

Comment here