Bears take control of PSX as KSE-100 index drops 1,800 points due to political uncertainty – Business

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The Pakistan Stock Exchange (PSX) saw a major drop in its benchmark KSE-100 index on Monday, with bears dominating the market and causing the index to fall by 1,800 points. The index closed at 61,065.31 points, down 2.98 per cent from the previous day. The market opened under pressure due to unresolved political uncertainty, and analysts expect volatility to continue until there is clarity on the political front. The delay in forming the government and the lack of a clear mandate for one party have created uncertainty among investors. Oil exploration companies experienced pressure amid rumors of the IMF discussing the circular debt resolution plan with the next government. Despite the losses, there is anticipation of a current account surplus and remittances for January reaching $2.4 billion, which could alleviate pressure on the rupee and support the market. The index had also seen a significant plunge on Friday, and the market is expected to remain volatile until there is stability on the political front.

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