Stocks dropped on Monday as profit-taking continued to be the order of the day amid worries of fresh political squabbling as the PTI prepares for their lengthy march, as well as persistent economic uncertainties brought on by the weak rupee and illusive foreign inflows.The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) decreased by 193.05 points, or 0.46%, to close at 41,755 points.
According to a post-market statement from Topline Securities, “after opening sideways, the market succumbed to profit-booking on political and economic uncertainty, pushing the index to reach an intraday low of 222 points.”TRG Pakistan, Oil and Gas Development Company, and Pakistan Petroleum were the main laggards, together depressing the index by 85 points.
In terms of results, Bank AlFalah reported Rs3.1 in earnings per share for the third quarter of 2022.Stocks declined after the day opened with a positive gap, according to Arif Habib Limited’s daily market wrap, which it attributed to political instability.
