Pakistan stock exchange sinking with major points, reached below 41,000
Pakistan Stock Exchange (PSX) on Wednesday lost significant ground in the face of political uncertainty that grew with the announcement of long march by PTI Chairman Imran Khan, beginning October 28. The benchmark KSE-100 index dived and shed 650 points as bears resorted to stock selling due to emerging political developments.
The market came under selling pressure, which persisted throughout the trading session, dragging the index below the 42,000- point mark. Depreciation of the rupee against the US dollar by 0.43% in inter-bank market further dented investor interest.
Earlier, the session kicked off on a negative note as the market dipped soon after commencing trading. It remained under selling pressure, touching intra-day low of 41,490.13 points. At close, the benchmark KSE-100 index recorded a decrease of 650 points, or 1.54%, to settle at 41,540.03. Topline Securities, in its report, said that Pakistan equities faced a bearish trend as the KSE-100 index settled at 41,540 (down 1.54%).
The day kicked off on a negative note where the index hit intra-day low of 699 points as PTI Chairman Imran Khan announced that his long march would start from Lahore on Friday, it said.