Pakistan Stock Exchange (PSX) plunged for the third consecutive day on Wednesday. The benchmark KSE-100 index dropped by more than 400 points amid cautious interest rate cut by the State Bank of Pakistan, reported 24NewsHD TV channel.
During last session of trading KSE-100 Index declined by 463.06 points or 0.42 percent to reach 111567.80 points.
Economic analysts said that the negative sentiment was driven by the January rollover and weaker-than-expected results, putting additional pressure on the market. They further said that the market showed downward trend amid political uncertainty from halted negotiations between the government and the opposition.
Earlier on Tuesday, as the benchmark KSE-100 index shed 1,489.96 more points at the closing of the market. The KSE-100 Index lost 1,489.96 points, a negative change of 1.31 percent, closing at 112,030.36 points. A total of 517 million shares were traded during the day as compared to 494 million shares the previous trading day, whereas the price of shares stood at Rs29.209 billion against Rs25.94 billion on the last trading day. As many as 438 companies transacted their shares in the stock market, 95 of them recorded gains and 280 sustained losses, whereas the share price of 63 companies remained unchanged.