- Reuters
- 18 Minutes ago
PSX rebounds at opening then falters by close, again!
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- Web Desk
- May 02, 2024
KARACHI: The Pakistan Stock Exchange (PSX) opened today on Tuesday’s closing at 71,102.54 points after yesterday’s (May 1) bank holiday.
On Tuesday, the index lost nearly 600 points during trading, after slipping down by over 1,000 points on Monday. Today (Thursday), the index followed the same trend once again, where it posted quick 156 points recovery right after opening in the morning.
Stock market to make third attempt at recovery following consecutive losses
The benchmark KSE-100 index showed fluctuations for first half of the trading day, touching the highest of the day at 71,292.83 points and dropping down to the lowest at 70,562.12 points. Towards the close of the trading day, PSX clocked in at 70,657.64 points, which is 444.90 points lower than the opening level.
So far, all three trading days of the week have seen the KSE-100 index showing upwards movement during early trading, only to register steep losses towards the end of the day.
Most of the notable scrips of today’s trading closed in red, including K-electric (KEL), Worldcall Telecom Limited (WTL), The Bank of Punjab (BOP) and Pakistan International Airlines Corp (PIAA). One stock, Pak Elektron Limited (PAEL) stock remained prominent on green.
Industry experts are of the opinion that after the positive trend seen through last week, investors built up their investments in certain companies, causing the KSE 100 index to reach new record levels. However, later in the day, when the index was at its highest point, profit-taking causing the index to lose some of its earlier gains.