Bears took control of the trade floor on Thursday at the Pakistan Stock Exchange (PSX) as shares declined by 1,300 points in intraday trade.
The benchmark KSE-100 index declined by 1,365.18, or 1.21 per cent, to stand at 111,049.62 points at 12:17pm from the last close of 112,414.80.
Yesterday, after two straight recovery sessions following a ruthless bloodbath in the last week, the bears again drove the bulls out of the stock market, causing investors a staggering loss of Rs690 billion in a single day.
Analysts had attributed the market downturn to profit-taking witnessed amid pressure on future contracts’ rollover and uncertainty over the outcome of the government and PTI reconciliation talks.
Additionally, the momentum was attributed to weak rupee, falling global crude oil prices and institutional selling in overbought scrips fuelled bearish activity at PSX.
More to follow
Leave a Reply