Stock market nosedives after attaining historic high
Business
KSE-100 index reached 80, 610 points after losing 1,229 points
KARACHI (Dunya News) – The Pakistan Stock Exchange on Friday witnessed a bearish trend after remaining on purple patch for past few days.
At the outset of last day of trade in the PSX, the KSE-100 index reached 80, 610 points after losing 1,229 points.
It must be noted that the stock market continued its upward trajectory by gaining 676 points, hence taking the KSE-100 index to a record high of 81,839 points on Thursday.
Scaling of new peaks in the PSX, which ended on Friday, was mainly believed to be linked with the Staff-level agreement reached with International Monetary Fund (IMF) last week.
Moreover encouraging reports of fiscal stability authored by international financial agencies including Moody’s and Fitch had also contributed in boosting investor’s confidence.
These reports suggest that agreement with the global lender would pave way for the crisis-ridden country to attain macroeconomic stability.
It must be remembered that the stocks were trading at 81,155 points during the last day of trade at the PSX before Ashura holidays.
