KARACHI: Bears gripped the Pakistan Stock Exchange (PSX) on Tuesday, sending the benchmark index down by more than 950 points.
The benchmark KSE-100 index was under selling pressure, reaching a low of 64,801.70 points. It dropped 953.60 points, or 1.45%, from yesterday’s finish of 65,755.31 points.
The market fell by over 1,000 points during intraday trade but made a slight recovery later in the day.
A day earlier, the stock market closed marginally down after reaching a high of almost 66,100 points earlier in the session, as investors assessed the chances for a new government and its economic policies.
The KSE-100 fell 38.45 points, or 0.06%, to settle at 65,755.31.
“Stocks finished under pressure from weak global equities and fears over economic uncertainty,” said analyst Ahsan Mehanti at Arif Habib.He stated that uncertainties surrounding the March 18 monetary policy announcement, as well as fears about the result of government discussions for new IMF loans, fueled the bearish close.
