PSX drops 1,000 points, makes partial recovery

KARACHI: During the outgoing week the Pakistan Stock Exchange (PSX) showed fluctuations but managed to turn positive towards the end. However, since Monday continued the gains from Friday, but turned negative towards the day-end.

Tuesday continued with the downward tide and Wednesday deepened it further.

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Today, the index responded to the geopolitical tensions early in the morning and slipped by over a 1,000 points. The benchmark KSE-100 index opened at 63,567.33 points and quickly tumbled down to 62,528.55 points.

By noon, the stock market had partially recovered the losses when it was seen trading at 63,158.83 points, nearly 400 points lower than the opening state.

Almost the entire stock market was seen trading in red, with the border tensions with the neighbouring Iran accounting for the downward spiral.

Apart from this immediate cause, experts believe that IMF’s tranche arrival and Rupee’s recovery will offer strength to the investor sentiment.