PSX loses more than 12,000 points in two days amid war clouds
Business
KSE-100 index plummeted by 7,516 points to 102,492 at one point
KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) on Thursday continued to grapple with downward trend amid war clouds.
The day’s trading started off on an encouraging note as the index rose to 111,881 after gaining 1,800 points. However, the euphoria proved short-lived.
The KSE-100 index plummeted by 7,516 points to 102,492 at one point, prompting the managers to stop the activities.
The situation could not much improve and the KSE-100 index eventually closed at 103,526 after losing 6,482 points. In all, the PSX lost more than 12,000 points in the last two days (Wednesday and Thursday).
On Wednesday, the PSX nosedived by losing 6,000 points amid tense situation which arose after India’s attack on parts of Pakistan in the dead of May 6 night.
The KSE-100 index plummeted to 107,007 points during early hours of trade on the third day of the week. The investors remained jittery and resorted to selling which resulted in bloodbath.
However, the situation improved later in the day and the index rose to 112,457 - a loss of 1,100 points. It eventually closed at 110,009 points.
LITTLE BREATHING SPACE
On Tuesday, the Pakistan Stock Exchange (PSX) went off to an encouraging start on the heels of the latest policy rate cut by the State Bank of Pakistan (SBP).
The situation, however, reversed as selling spree resulted in trading in negative zone.
At one point in the morning, the KSE-100 index rose to 115,093.10 after gaining 990.87 points (0.87pc). Later, investors seemed jittery and day's trading closed at 113,568 after losing 533 points.
On Monday, the PSX started with bearish trend amid simmering geopolitical tensions between Pakistan and India following the Pahalgam attack.
The benchmark KSE-100 index was hovering at 113,223.46 after losing nearly 900 points during the opening hours of trading in the PSX. Later, things improved a bit and the index rose to 114,102 points.
