Pakistan Stock Exchange down 195 points
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The Pakistan Stock Exchange (PSX) started the week with a lacklustre performance as the KSE-100 Index was down 195 points on Monday.
After starting the day from the level of 34,111.64, the index was at one point fell to 33,709.34 during early trading, but market witnessed some recovery as it entered the green zone with the peak at 34,163.92.
However, the recovery wasn’t long-lasting as the KSE-100 was at 33,916.64 by the time the session was closed.
The losses suffered on Monday mean that the index is down 16.74 since Jan 1. But the KSE-100 Index has been witnessing an overall trend of making gains since March 25 when it went down to the level of 27,228.80.
The negative sentiments during the trading resulted in losses to 144 companies with the shares of 20 remaining unchanged. However, the shares of 159 made some gains.
It was a mixed day for the automobile, chemical and fertilizers sectors. However, the share values of most of the cement, commercial banks, pharmaceutical and engineering companies witnessed losses.
The performance shown by the PSX came as the global stocks and oil prices were down given the panic gripped the markets due to the rising tensions between the US and China.
As such, shares in Hong Kong saw the bulk of losses in Asia, as traders caught up after a long weekend. China and Japan were closed for their own holidays. The Chinese yuan held most of Friday’s slide in offshore trading amid concern tensions with the U.S. would increase. Euro-area bonds declined. West Texas oil futures dropped, halting a 60 percent rally over three days.