Share prices plummet by 2,466.46 points at Pakistan Stock Exchange
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Pakistan Stock Exchange (PSX) KSE-100 Index on Tuesday continued downward slide for the second consecutive day as news flow on political and economic fronts turned investors jittery, triggering profit-selling, reported 24NewsHD TV channel.
During the trading, the KSE-100 Index plunged by 2,466.46 points or -2.17% to touch 113,788.66 points, as compared to previous day’s close of 116,255.
Economic analysts said that stocks remained under pressure amid political uncertainty, and the IMF’s strict levies on industrial captive power plants led to institutional profit-taking.
They pointed out the deteriorating financial health of state-owned energy companies and the ongoing challenges in Balochistan, which compounded market weakness.
They added that subdued economic growth at 0.92pc for the July-September quarter and concerns about the outcome of critical economic reforms to qualify for the second $1 billion tranche in March dampened investor sentiments.
On Monday, the KSE-100 index had exhibited significant volatility and closed at 116,255, a decline of 1,332 points.
Shares of 458 companies were traded. Of these, 113 stocks closed higher, 291 fell and 54 remained unchanged.
Cnergyico PK was the volume leader with trading in 83.2 million shares, falling Rs0.14 to close at Rs7.41. It was followed by Fauji Foods with 47.3 million shares, falling Rs0.91 to close at Rs18.41 and WorldCall Telecom with 41.3 million shares, losing Rs0.05 to close at Rs1.65.
Reporter: Ayaz Rana