Stock market closes in red, two days in a row

KARACHI: The Pakistan Stock Exchange (PSX) lost nearly 600 points during trading today, one day after slipping down by over 1,000 points.

Yesterday (Monday), PSX closed with 1047.7 points decline, after showing rally earlier in the day. Today (Tuesday), the benchmark KSE-100 index showed similar trend with initial growth followed by steep decline towards closing time.

Stock market shows recovery after yesterday’s steep decline

The index opened at 71,695.03 points and quickly posted 151 points gain, hovering around 71,846.65 points by 10 AM. The earlier part of the day fluctuations, with the index touching the highest of the day at 72,119.65 points. However, by the end of the trading day, the index has lost nearly 600 points.

After deteriorating, the KSE-100 index closed at 71,102.54 points today, which is 592.49 points lower than the opening level.

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.