The Pakistan Stock Exchange (PSX) traded in the red again on Tuesday with the benchmark KSE-100 index shedding 1,000 points shortly after buying and selling started.
According to the PSX web site, the KSE-100 index was down 1121.24 points, or 1.84 per cent, to face at 59,944.07 points from yesterday’s shut of 61,065.31.
This is the third consecutive session in which the market has plunged greater than 1,000 points. On Friday, the KSE-100 index had plunged 1,200 points over the delay in asserting the outcomes of basic elections, to settle under 63,000.
Yesterday, the PSX witnessed a meltdown as submit-election political instability triggered an across-the-board panic promoting, which dragged the KSE 100-share index under 61,000, hitting an intraday low at 60,647.68. The index closed at 61,065.32 points after tumbling by 1,878.43 points or 2.98 per cent from the previous session.
Mohammed Sohail, chief govt of Topline Securities, mentioned the downward trajectory was led by Oil and Gas Development Company Ltd (OGDC) and Pakistan Petroleum Ltd (PPL) amid reviews the International Monetary Fund (IMF) didn’t agree with the authorities’s round debt discount plan.
“Market was anticipating a giant dividend as a result of this,” he mentioned.
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