PSX midday update: 300 points loss after early morning rally

KARACHI: Pakistan Stock Exchange (PSX) opened at Friday’s closing – and highest ever position – at 75,342.35 points.

Soon after opening, the index posted nearly 200 points gains, and by 10 AM it was seen hovering at highest of the morning of 75,618.49 points with over 270 points growth. However, towards noon, the benchmark KSE-100 index began deteriorating, and a little after noon, plunged over 600 points to hover at 74,734.24 points.

PSX opens at an all time high of 75,342.35 points

At the time of filing of this story, a little after 2 PM, the stock market had recovered some of the days’ losses, but was still trading over 320 points lower than opening level, at 75,021.56 points. Telecom and pharmaceutical sectors traded in red exerting downward pressures on the index.

The stock market looked like this in the afternoon: