Stocks tumble as selling pressure takes hold of PSX
Business
Selling pressure was said to be the main reason behind the dip in the PSX
KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) took the plunge during the opening hours of trading on Monday as the benchmark KSE-100 Index lost over 600 points.
The benchmark index was hovering at 117,806.25 after a decrease of 635 points. Later, it further declined and closed at 116,439 after having a loss of 2,002 points.
Selling pressure was said to be the main reason behind the dip in the PSX.
Key sectors including oil and gas exploration companies, OMCs, refineries, automobile assemblers and fertilizer. Index-heavy stocks including EFERT, INDU, MARI, OGDC, PPL and PSO traded in the red as massive selling took hold of the market.
It must be remembered that the PSX maintained a bullish trend throughout the last week, peaking historical scales. The KSE-100 Index closed at 118,442 after losing 327 points on Friday.
This sustained surge was driven by optimism surrounding a potential staff-level agreement for the release of the $1 billion second EFF tranche by the International Monetary Fund (IMF).
