Share prices at PSX take a plunge of 1,500 points
The Pakistan Stock Exchange (PSX) remained bearish on Wednesday amid rising tensions between Iran and Israel with investors staying on the sidelines, reported 24NewsHD TV channel.
At the end of trading, the PSX’s benchmark KSE-100 index dropped by 1,505.11 points to 120,465.293 points, a negative change of minus -1.14 percent.
Key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, oil marketing companies (OMCs), power generation, and refineries, experienced significant selling pressure. Major stocks like HUBCO, PSO, MARI, OGDC, POL, PPL, MCB, MEBL, and NBP were all trading in the negative.
Economic analysts said the market is likely to remain choppy for couple of weeks until clarity is noticed on regional tensions between Iran and Israel and its possible repercussion on Pakistan's geopolitical alignment.
A day earlier, the benchmark index had also witnessed a bearish trend, losing 254.32 points, a negative change of 0.21 percent, closing at 121,971.04 points.
A total of 1,152,012,654 shares worth Rs27.983 billion were traded during the day.
As many as 473 companies transacted their shares in the stock market, 193 of them recorded gains and 244 sustained losses, whereas the share price of 36 companies remained unchanged.
Reporter: Kawish Memon