Financial carnage: Stock market down by over 2,000 points

KARACHI: Monday saw the Pakistan Stock Exchange’s benchmark KSE-100 index plunge by nearly 500 points before noon, and another 400 points until end of trading day. Tuesday followed suit with the share market going down by more than 1,000 points within two hours of trading.

By 2 p.m. the index had plunged steeply by 2167.79 points to hover around 63,036.88 points, from opening at 65,204.67 points.

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Yesterday, the sectors leading the decline including commercial banks, E&P companies, and cement. Conversely, the power generation segment lent strength to the stock market. This trend was seen continuing on Tuesday for the most part, with banks and energy sector companies seen in red.

The share market seems to have entered profit taking phase after posting 10-week long growth streak. The political turbulence, coupled with the IMF review is adding to the uncertainty in the market after showing improving investor confidence for over two months.