Pakistan Stock Exchange loses 260 points

By: News Desk      Published: 02:03 PM, 8 Apr, 2020
Pakistan Stock Exchange loses 260 points

The Pakistan Stock Exchange (PSX) remained in negative territory on Wednesday as the KSE-100 Index at one point dropped to 30,775.45 after losing 456.10 points.

However, the index closed at 30,971.27 by the time the session ended after starting the day from the level of 31,231.55.

A total of 153,088,900 shares were traded during the day during which experienced a 0.83 percent loss (260.28 points).

The KSE-100 Index is down 23.97 percent since January 1, reflecting the overall negative business sentiments witnessed by the market.

Earlier on Tuesday, the stock market had gained 652.40 points after experiencing yet another bloodbath the previous day with a total loss of 1,042.64 points.

The PSX has been unable to take advantage of the momentum gained during the last week, as the index is down by 24.19 percent since Jan 1.

On Friday, the KSE-100 Index had closed the week at 31,621.79, meaning that market gained 2,116.21 points on Thursday and Friday.

This upward surge was in complete contrast with what the market witnessed in the previous weeks when the KSE-100 went south.

During the same period, it also witnessed the worst single day performance after losing over 2,400 points on March 16, while the trade suspension mechanism was employed on several occasion to stop the bloodbath.

The recent series of extraordinary losses began last month. The KSE-100 Index was recorded at 39,382.11 on March 5 but it ran into a downward slide since then till it reached 27,228.80 on March 25.

However, it saw some recovery after that as the KSE-100 Index reached 31,621.79 on April 3 followed by an overall trend of losses with the index currently recorded at 30,971.27.