PSX: KSE 100 Index failed to gain momentum, shed by 253 points

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Pakistan Stock Exchange or PSX remained volatile as KSE 100 Index declined by 253 points.

KSE 100 Index dropped by 253.3 points and reached at 37,542 points. Earlier, the benchmark increased by 129 points but later declined by over 253 points.

According to sources, Proceeded political insecurity, with resistance encouraging against the legislature and approaching NAB to test into award of development of Mohmand Dam contract to the PM Advisor’s firm, kept the financial specialists’ opinions repressed.

Oil and Gas Development Company Limited (OGDC) losing 3.36 percent and Pakistan Petroleum Limited (PPL) losing 2.72 percent were the significant slow pokes contributing 112 point towards the decrease while Engro Corporation Limited (Engro) increasing 2.02 percent and United Bank Limited (UBL) increasing 1.43 percent contributed 57 points.

According to stock brokers, from the beginning of the day, the benchmark file demonstrated a declining pattern and the market inevitably shut negative. Large scale related advancements were likewise recognizable after Pakistan will get another $1 billion from Saudi Arabia in the continuous month while the United Arab Emirates (UAE) has submitted $3 billion for parity of installment position.

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