Directionless Pakistan Stock Exchange sheds 44.45 points
The Pakistan Stock Exchange (PSX) lacked direction on Friday and closed at 32,806.38 after losing 44.45 points.
The KSE-100 Index, which started the session from the level of 32,850.83, stayed between the range of 33,069.17 and 32,739.84.
It means the KSE-100 Index is down by 19.46 percent since Jan 1 – a period during which it had slide to 27,228.80 on March 25.
In fact, the overall trend has been negative after reaching the level of 39,382.11 on March 5. However, the market witnessed a recovery of 5,577.58 since March 26.
On Thursday, the KSE-100 Index gained 386.60 points and closed the session at 32,850.83.
During the session on Friday at the PSX, the share prices of 102 companies went up while 192 lost their values. Meanwhile, 22 remained unchanged.
Among the important sectors, none except the majority of insurance companies could make gains.
The latest poor performance at the PSX came as the global markets fell after Wall Street gave up its gains in a late-session slump, as investors processed more bad news from the coronavirus outbreak.
European markets opened more than 1 percent lower after a down day in Asia. Futures markets were predicting a similarly desultory opening for Wall Street.
In Japan, the Nikkei 225 index fell 0.9 percent. Hong Kong’s Hang Seng index was down 0.5 percent. In mainland China, the Shanghai Composite index fell 1.1 percent. South Korea’s Kospi lost 1.3 percent.
In London, the FTSE 100 index was down 1.2 percent in early trading. France’s CAC 40 was down 1.5 percent. The DAX in Germany was down 1.6 percent.