The stock market remained bearish on Tuesday as investors kept a tight eye on the latest monetary policy announcement and corporate earnings.
The benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) ended the day at 112,030.36, a steep decline of 1,489.96 points, or -1.31%, from the closing of the previous session at 113,520.32. The index rose to an intraday high of 113,644.71 during the day, but it also fell as low as 111,434.95.
“Equities are responsive to earnings and distributions, and earnings season has begun. The oil industry was under pressure yesterday because to payout disappointments, which also led to broader market volatility, according to Ahfaz Mustafa, CEO of Ismail Iqbal Securities.
“This pressure has carried on today as people have become cautious before earnings announcements,” he stated.
