Pakistan Stock Exchange plunges 289 points

KARACHI: The Pakistan Stock Exchange (PSX) on Monday witnessed a bearish trend as KSE 100-index plunged by 289 points to close at 34,186 points, ARY News reported.

Out of 371 companies, share prices of 103 companies recorded increase, 244 companies registered decrease whereas24 companies remained stable in today’s trading.

On the other hand, a global index of stock markets slipped on Monday as signs of progress in the China-U.S. trade dispute drew mixed a reaction from investors, with some cautioning over a lack of detail in the initial stages of the agreement.

Stock markets in Asia cheered U.S. President Donald Trump’s outlining the first phase of an agreement to end a trade war with China and suspending a threatened tariff hike, but European shares slipped.

The emerging trade deal, covering agriculture, currency and some aspects of intellectual-property protection, would represent the biggest step by the two countries in 15 months. But investors advised caution.

“While a positive development, we are not absolutely certain that this marks the start of a clear de-escalation of the trade dispute,” said Mark Haefele, chief investment officer at UBS Global Wealth Management. A number of issues were unresolved or unclear, in his view.