Stock market fluctuates, loses 164 points until noon

KARACHI: After Tuesday’s bloodbath of 2,371.64 points downturn on the Pakistan Stock Exchange (PSX), the benchmark KSE-100 index unsuccessfully tried to maintain strength on Wednesday but ended up with 385 points by the end of the day.

Yesterday (Wednesday), through the day, the index plummeted over a 1,000 points, but managed to recover parts of those losses to close at 62,448.01 points. Today (Thursday), the index opened with quick gains reaching 62,784.85 points, but started deteriorating soon after.

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By noon, the index had lost 164 points from the opening position to hover around 62,283.54 points.

The downfall has been primarily led by the banking and E&P sectors since the beginning of the week. The share market seems to have entered profit taking phase after posting 10-week long growth streak.

The political turbulence, coupled with the International Monetary Fund (IMF) review is adding to the uncertainty in the market after showing improving investor confidence for over two months.

Market analysts anticipated this correction, and investor attention is now focused on the upcoming IMF Executive Board meeting scheduled for January 11, 2024.