Pakistan Stock Exchange fails to sustain bull-run
Although the Pakistan Stock Exchange (PSX) ended the day in the positive territory, it lost the ground made during the first half of trading on Thursday.
The KSE-100 Index closed at 27,267.20 as it gained 38.40 points after starting the day at 27,228.80. During the trading, the index went as high as 28,191.33 and as low as 27,046.71. The total number of shares traded during the day were 157,403,822.
As a whole, the index is down 33.06 percent since the start of the current year.
As the positive trend witnessed early on Thursday couldn’t be sustained, the speculations proved true that it wasn’t something long-term. The reason for this negativity was that the PSX had suffered huge losses during the last two days [Tuesday and Wednesday] despite the fact that the international markets have been bouncing back due to the measure taken by the big economies.
It includes the $2 trillion stimulus package approved by the US Senate, which will now be moved before the House of Representatives.
Similarly, Germany's lower house of parliament on Wednesday approved a €750 billion aid package to cushion the economy from the direct impact of the coronavirus outbreak.
Such measures are giving confidence to others, especially the developing countries, amid the crisis generate by the coronavirus pandemic.
On Wednesday, the KSE-100 Index was down 1,336.03 points (4.48 percent) and ended the day at 27,228 points.
The trading was suspended for two hours after huge losses as the KSE-100 Index was shrinking with each passing moment.
It proved to be a repeat of Tuesday when the KSE-100 Index had shed 2,102.58 points. The index stood at 27,294.78 after losing 1,270.05 points when the trading was stopped at 12:20pm, which represents 4.45 percent loss.