PSX loses 535 points, closes at 40,958
Last updated on: 06 November,2018 07:37 pm
Conflicting reports over Chinese financial assistance was the main factor behind trimming of shares.
KARACHI (Dunya News) - Pakistan Stock Exchange (PSX) registered decline for the second consecutive session and selling pressure surfaced across the board.
The market from the word go was in the minus column and before the middle of the session tried to resist the onslaught of bears, but succumbed and at one stage was down above 700 points. However, following some fresh support from financial institutions, the loss reduced to around 535 points. The 100-index closed at 40,958 points level.
The conflicting reports from the government over the financial assistance from the Chinese government was the main factor behind the trimming of share values. Some reports hint that Pakistan to get financial package but Finance Minister Asad Umar on a private television channel said the Chinese government has been working on the financial assistance. This was enough to dent the share values.
Moreover, the market received heavy set back after share values of auto sector plunged on social media reports that Competitive Commission of Pakistan has placed penalty on Honda Car and Pak Suzuki. Shares of Honda Cars fell by Rs 16 but closing witnessed with almost Rs 2 per share gain. However, Pak Suzuki shares closed on a negative note, suffering a decline of Rs 11.50 per share.
Details by Haris Zamir