Stock market slips 500 points

KARACHI: The Pakistan Stock Exchange (PSX) saw some volatility during the previous week, but it was able to close the trading week on a positive note. The gains from Friday continued on Monday morning, but by the end of the day, they had reversed. The trend of decline persisted into Tuesday morning.

Read More: PSX is at last beginning to bounce back

The benchmark KSE-100 index opened yesterday (Monday) at 64,637.63 points and rapidly reached its morning high of 65,173.87 points. By closing time, though, it had dropped to 64,269.37 points. The stock market continued its downward trend on Tuesday morning, dropping more than 500 points before midday.

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The index was seen hovering around 63,757.43 points at around 11 AM, with energy companies leading the declining charge once again. Although the revised petrol prices and the IMF’s approval for the next tranche are expected to provide a positive impetus, the current political unrest and the approaching elections are likely to keep the index bearish for the foreseeable future.