PSX ends green streak, closes with 620 points loss

KARACHI: The Pakistan Stock Exchange (PSX) turned red on Thursday, as the KSE-100 Index registered a significant loss of 620.23 points, reflecting a 0.72 per cent decline. The index closed at 85,585.43 points, down from the previous session’s close of 86,205.66 points.

The benchmark KSE-100 index touched the highest of the day at 86,520.29 points, then stooped to the lowest at 85,539.19 points. Some of these losses were marginally recovered before closing at 85,585.43 points.

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Trading activity remained robust, with 513.29 million shares exchanging hands, up from Wednesday’s 474.33 million shares. However, the total value of traded shares dropped to Rs 21.61 billion, down from Rs 26.94 billion the day before.

This downturn comes after a notable rally on Wednesday, with the KSE-100 index climbing 365.32 points. Market analysts had attributed the hike to political stability and the expectations of economic improvement after Shanghai Cooperation Organisation (SCO) agreements. However, Thursday brought selling pressures and a bit of course correction for the bourse, causing the index to close in red.

On Friday morning, the index jumped 119 points moments after opening. After about half an hour, the KSE-100 index was hovering around 85,651.70 points.