KSE-100 Index goes south, down by over 1,000 points
It seems the Pakistan Stock Exchange (PSX) is unable to shrug off the economic uncertainty generated by the coronavirus pandemic, as it witnessed another day of a bloodbath on the trading floor with the KSE-100 Index down by 1,000.22.
When the session was closed on Monday, the index stood at 31,032.99 after starting the day from the level of 32,033.20. A total of 126,266,592 shares were traded during the day.
The latest 3.12 percent losses mean that the KSE-100 Index is down by 23.82 percent since Jan 1.
But if we look at the downward trend being witnessed by the market, it began on March 6 with the index closing the session a day earlier at 39,382.11. Less than three weeks later, 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.
This upward surge was in complete contrast with what the market witnessed in the previous weeks when the KSE-100 went south. However, it proved to be just a small bump with no long-term positive consequences.
So it wasn’t a surprise that the stock market was unable to sustain this short-lived sequence of gains as the index went nowhere since then and currently stands at 31,032.99.
Earlier on Friday, the PSX had managed to end the session in positive territory after struggling earlier in the day, as the KSE-100 Index closed at 32,033.20 after gaining 195.90 points.
With the warnings about the possible recession and a high rate of population growth amid a paralysed economy, it is feared that the people will face tough times in the days ahead.