PSX 100-index suffers massive fall
The Pakistan Stock Exchange 100-index suffered a massive fall of almost 1600 points.
KARACHI (Dunya News) - Pakistan stock market plunged on second session of the week following fresh spree of selling from foreign and local investors, pushing the overall index to touch a low of almost seven months.
The Pakistan Stock Exchange 100-index suffered a massive fall of almost 1600 points breaching the 45000 level after almost seven months. The index during the session broke two important levels of 46000 and 45000 levels following selling pressure from foreign investors and local financial institutions.
A leading analyst said the political noise related to JIT and opposition parties continuously asking Prime Minister Nawaz Sharif to resign was enough to create a dent. Another factor which jolted the market was the continuous decline of global crude oil price which triggered fresh selling in oil and energy related stocks.
The market will remain under pressure owing to year end closing and ahead of eid holidays, starting Monday where the stock market will remain closed for three sessions. Under these circumstances, the market might witness some more downward correction.
(Reporting by Haris Zamir)
