KARACHI: Pakistan Stock Exchange (PSX) witnessed a significant drop on Tuesday, with share shedding over 600 points during intraday trading.
The benchmark KSE-100 index declined 622.46 points, or 0.76 percent, settling at 81,214.45 points from the previous close of 81,850.50 points at 12:22 pm. Finally, the index closed at 81,483.64 points,366.86 points or 0.45pc, from the previous close.
Chief Executive of EFG Hermes Pakistan, Raza Jafri, said the market was “negatively reacting to the recent result misses by state-owned oil exploration companies”.
Additionally, he said that independent power producers (IPPs) were also under pressure on news flow that the government is looking to revise their contracts.
Awais Ashraf, director of research at AKD Securities, said that the threat of “probable termination or renegotiation of contracts” with the IPPs fuelled the bearish momentum.
ISLAMABAD: Pakistan's energy sector is headed for another high-stakes international commercial arbitration, with Petrosin CNG…
PESHAWAR: Documents have been sought from employees who have completed 5 years of service for…
ISLAMABAD: The Meteorological Department has predicted rain with thundershowers in various cities. According to the…
ISLAMABAD: Pak Suzuki’s latest financing policy has released the prices of all Cultus variants, total…
RAWALPINDI: Farrukh Khokhar was arrested inside the courtroom on Monday after a Rawalpindi court sentenced…
ISLAMABAD: Preparations for reshuffle in the federal cabinet have been intensified, and the possibility of…