Week starts with huge losses at Pakistan stock market
April 13, 2020 02:55 PM
The KSE-100 Index was down 646.82 points as the Pakistan Stock Exchange (PSX) started the week with huge losses on Monday.
As the session started with the index at 32,033.20, the market witnessed the lack of confidence as it slipped to 31,386.39 by the time this report was being filed.
At one point, the KSE-100 Index was recorded as low as 31,359.04 during a session where a total of 79,253,175 shares had so far been traded.
This losing spree is nothing new for the stock market, as KSE-100 Index is down by 22.95 points since the start of the current year.
Earlier on Friday, the PSX managed to end the session in positive territory after struggling earlier in the day, as the KSE-100 Index closed at 32,033.20 after gaining 195.90 points.
During the early trading, the KSE-100 Index at point lost 460.20 points and slipped to 31,377.10 after starting the day from the level of 31,837.30. However, the market witnessed the recovery after that.
It was a continuation of the gains made on Thursday when the bulls made a comeback as the KSE-100 index gained 866 points closing at 31,837.30, which represented a 2.80 percent increase.
The PSX has been unable to take advantage of the momentum gained during the week ending on April 3, which saw the KSE-100 Index closing the week at 31,621.79.
This upward surge was in complete contrast with what the market witnessed in the previous weeks when the KSE-100 went south. However, it proved to be just a small bump with no long-term positive consequences.
The recent series of extraordinary losses began last month. The KSE-100 Index was recorded at 39,382.11 on March 5 but it ran into a downward slide since then till it reached 27,228.80 on March 25.
However, it saw some recovery after that as the KSE-100 Index reached 31,621.79 on April 3 followed by an overall trend of losses with the index currently recorded at 31,376.19.