Stock market loses grip on gains, slips 500 points

KARACHI: The Pakistan Stock Exchange (PSX) showed fluctuations during the outgoing week, but managed to turn positive towards the end of the trading week. Monday morning continued the gains from Friday, but turned negative towards the day-end. Tuesday morning continued the downward tide.

Yesterday (Monday), the benchmark KSE-100 index opened at 64,637.63 points, and quickly touched the highest of the morning at 65,173.87 points. However, by closing time, it had fallen to 64,269.37 points. Tuesday morning saw the stock market further deepen this decline by over 500 points before noon.

Citizens express dissatisfaction over minor reduction in petrol price

Around 11 AM, the index was seen hovering at 63,757.43 points, with energy companies leading the declining charge; once again.

While the positive impetus is expected from the revised petrol prices as well as IMF’s approval for the next tranche, the current political instability and the run up to the elections is likely to keep the index bearish for a short while at least.