Stock Market remains flat on Wednesday
The Pakistan Stock Exchange went through constant fluctuations on Wednesday and managed to end the session in the positive territory during a session where the KSE-100 Index at one point was down by 529.26 points.
In fact, the index remained in the negative zone for most of the day between the range of 32,640.17 and 31,893.57, as 177,642,657 shares were traded at the Pakistan Stock Exchange (PSX).
At the end, the KSE-100 Index closed at 32,464.23, meaning it made a net gain of mere 41.40 points after starting the day from the level of 32,422.83.
Yet another timid performance means the index is down by 20.30 percent since the start of the current year.
But this lethargic showing was a natural consequence of what can only be described as a massacre witnessed at the trading floor of the PSX on Tuesday when the KSE-Index was down by 1,076.82 points.
The economic stagnation caused by the coronavirus and the historic slump in oil prices are being attributed as the reason behind the trend but the top stock markets around the world are not performing badly.
This disconnect with the global markets raises some serious questions about the PSX, as the government interventions like slashing the interest rate and the State Bank pumping dollars into the market bring some temporary relief that doesn’t last for more than two or three days.