Shares resist after heavy plunge in prices

By: News Desk
Published: 11:00 AM, 28 Nov, 2022
Shares resist after heavy plunge in prices
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Pakistan Stock Exchange (PSX) benchmark KSE-100 index was down 487 points or-1.14 percent, on Monday to reach 42,449.25 points at 10:54 am. 

The share price volume resisted after a sharp plunge right after the opening bell, when the index was down 729 points, or 1.52 percent, to reach 42,282.48 points at 10:02 am.

As per reports, the opening sharp slump was attributed to the central bank’s surprise move to hike the policy rate by 100 basis points on Friday evening.

Last week on the closing day of the trading week, lackluster activity marked the trading session on the PSX as investors preferred to stay on the sidelines ahead of the announcement of the monetary policy announcement on Friday.

Trading began on a positive note as the army chief’s appointment a day ago proved the much-needed clarity on the political ground.

As a result, the KSE-100 index settled at 42,936.73 points, up 33 points or 0.08 percent from the preceding session.

The trading volume increased 15.8pc to 177.3 million shares while the traded value went up 3.3pc to $27m on a day-on-day basis.

Reporter Habib Khan

Categories : Business