Stock market likely to recover yesterday’s losses in the morning

KARACHI: Pakistan Stock Exchange (PSX) opens today on Wednesday’s closing of 79,841.55 points. Yesterday’s session brought steepest losses for the benchmark KSE-100 index, after an impressive rally spanning over two weeks.

KSE-100 Index dropped by 830.51 points, or 1.03 per cent, closing at 79,841.55 points on Wednesday, marking the largest single-day drop since June 4. During the trading session, the stock market fluctuated within a range of 1,130.63 points, touching the day’s highest at 80,971.95 points and lowest at 79,841.32 points.

PSX takes a breather, closes below 80,000

Before this, PSX crossed 81,000 points mark briefly on Tuesday. For the most part, the rally seen over the past several days, as well as yesterday’s decline, were fueled by the oil and power sectors. Yesterday, the banking sector also joined in the companies exerting downward pressures on the index.

Today, the stock market is likely to post some recovery after yesterday’s losses. However, since the index has been showing incredibly bullish behavior for the past several days, some course correction might also be on the cards for Thursday.