Onslaught at PSX as 100-index further loses 350 points
Index touched the low of 43027 points, which was almost eight months low.
KARACHI (Dunya News) - Pakistan Stock Exchange for the second consecutive session was in control of bears where onslaught continued but pace was comparatively low compared to Tuesday.
The PSX-100 index, commonly known as KSE-100 index showed decline of 350 points, but buying witnessed in patches turning the share price into green. But selling pressure surfaced and the index hit another low, trimming share values by 1000 points. Index hit the low of 43027 points, which was almost eight months low.
The share prices since its peak has lost more than 17 percent and market capitalization erosion amounted to as much as Rs 1500 billion.
“The market has entered the oversold position and if we set aside the political chaos, this has been best time to buy stocks as it could easily give return of around 10 percent in coming three to six months,” an analyst said.
The market has been on the lower side and lost 555 points at the time filing of this report. Buying appeared from mutual funds, banks and other financial institutions, if they carried in a big way the volley of down fall might halt in coming sessions.
(Story by Haris Zamir)
