Bearish momentum at PSX as shares decline by 1,300 points – Business

The bears took control of the trading floor on Thursday on the Pakistan Stock Exchange (PSX), as the stock fell 1,300 points in intraday trade.

The benchmark KSE-100 index fell 1,365.18 points, or 1.21 percent, to 111,049.62 points at 12:17 p.m. from the last close of 112,414.80.

Yesterday, after two consecutive sessions of recovery following a ruthless bloodbath over the past week, the bears again drove the bulls out of the stock market, causing investors a staggering loss of Rs 690 billion in a single day .

Analysts attributed the market decline to the profit-taking seen amid pressure on renewal of future contracts and uncertainty over the outcome of reconciliation talks between the government and the PTI.

Additionally, the momentum was attributed to weak rupee, falling global crude oil prices and institutional selling in overbought bonds fueled bearish activity on PSX.


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