PSX loses another 847 points, bears run amok on first day of week

KARACHI: Bearish trend continued in Pakistan Stock Exchange on Monday as KSE-100 index lost 847 points on close of the first trading day of the week, ARY News reported.

The benchmark KSE-100 Index closed at 39,297 points on end of the day, while the index went down as low as 39,233.02 points today.

According to the economic analysts, the market undergoing a lean patch due to increasing inflation and bearish trend in the Asian Stock Markets amid coronavirus threat.

The Index opened at 40,150.34, whereas it closed at 40,143.63 on Friday.

The stock market (PSX) in the previous week followed similar trend and lost massive 1,487 points or 3.6pc, representing the highest weekly decline in recent months during which the market regained much stability, and dropped to 40,143.63 at close on Friday.

According to reports, a staggering sum of Rs276 billion was wiped off the market capitalisation at the Pakistan Stock Exchange (PSX) in five-day trading of the last week. Foreign investors were net sellers in the equity market, offloading $4.1 million worth of shares.

In a tricky market situation, investors adopted an extremely cautious behaviour after more headlines cover mounting deaths due to coronavirus taking full hold, a plunge in global crude oil prices, unchanged main policy rate by the State Bank of Pakistan at 13.25 percent for the next two months, uncertain FATF decision and political uncertainty in the country.