Pakistan Stock Exchange makes significant gains after heavy losses
KARACHI – Pakistan Stock Exchange makes significant gains after heavy losses.
The Pakistan Stock Exchange (PSX) plunged with the KSE-100 index sinking to intraday low by 504 points, before recovering to 40,354.33 points on Tuesday.
The market opened at 39,957.73 points, and later it went down to 39,455.33 points before making the recovery of 346 points.
One of the important factors which have added more turbulence towards the red index is Indian and Pakistani troops exchanging fire in some areas along the restive Line of Control (LoC) in the disputed Himalayan region of Kashmir.
"Negative sentiments were witnessed across the board," a report of Topline Securities stated for yesterday’s sharp decline of 824 points in the stock market to close at 40,008, down 2 per cent, adding the benchmark index barely managed to maintain the 40,000-points level as the rollover week had started.
Analysts were of the view that the bearish trend continued with full force on the back of multiple factors, including profit taking by both local and foreign investors.
The market yesterday began in a glum mood in the face of internal and external headwinds.
With the previous week’s unsettling event of the former president Pervez Musharraf’s case still fresh in mind, more negatives poured in with not a very bright picture painted by the Financial Action Task Force response to Pakistan’s progress report and the watchdogs list of 150 additional queries.