KARACHI – Pakistan Stock Exchange makes significant gains after heavylosses.
The Pakistan Stock Exchange (PSX) plunged with the KSE-100 index sinking tointraday low by 504 points, before recovering to 40,354.33 points onTuesday.
The market opened at 39,957.73 points, and later it went down to 39,455.33points before making the recovery of 346 points.
One of the important factors which have added more turbulence towards thered index is Indian and Pakistani troops exchanging fire in some areasalong the restive Line of Control (LoC) in the disputed Himalayan region ofKashmir.
“Negative sentiments were witnessed across the board,” a report of ToplineSecurities stated for yesterday’s sharp decline of 824 points in the stockmarket to close at 40,008, down 2 per cent, adding the benchmark indexbarely managed to maintain the 40,000-points level as the rollover week hadstarted.
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Analysts were of the view that the bearish trend continued with full forceon the back of multiple factors, including profit taking by both local andforeign investors.
The market yesterday began in a glum mood in the face of internal andexternal headwinds.
With the previous week’s unsettling event of the former president PervezMusharraf’s case still fresh in mind, more negatives poured in with not avery bright picture painted by the Financial Action Task Force response toPakistan’s progress report and the watchdogs list of 150 additional queries.
