PSX snaps record-setting spree, sheds over 1,300 points
Business
The KSE-100 index has lost 1,338.18 points to drop to 164,155.32
KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) witnessed a sharp decline on Wednesday, shedding over 1,300 points as investors engaged in profit-taking.
This marks the end of the recent record-setting rally, amid ongoing negotiations with the International Monetary Fund (IMF).
During intraday trading, the KSE-100 index has lost 1,338.18 points to drop to 164,155.32 points compared to previous close of 165,493.58 points.
Earlier in the day, the market registered gains and hit above the 1660,000 points level, but quickly saw a pullback.
As the trading is underway, there is a room for potential volatility in the coming hours.
A day earlier, the stock market continued with bullish trend on Tuesday, as the benchmark KSE-100 index gained 1,645.90 points, a positive change of 1 percent, closing at 165,493.59 points against 163,847.69 points on the previous working day.
A total of 1,349,798,022 shares were traded during the day compared to 1,285,638,674 shares the previous day, whereas the share value stood at Rs 76.77 billion against Rs 65.76 billion on the last trading day.
As many as 488 companies transacted their shares in the stock market, out of which 176 recorded gains, 288 sustained losses, whereas 24 remained unchanged.
