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Economy

PSX on Shares decline losing 1,105 points

Pakistani stockbrokers watch the latest shear prices on a digital board during a trading session at the Karachi Stock Exchange (KSE) in Karachi on May 28, 2013. — AFP/File

PSX dips by 1105 points on Tuesday March 09, 2021

KARACHI: The benchmark KSE-100 index plunged more than 1,100 points today or 2.45 per cent three hours into the opening bell on Tuesday.

At around 12:15pm, the index — which had opened at 45,051 — dipped 1,105 points to 43,946.

However, after hitting their lowest point after noon, shares appeared to be making a V-shaped recover, paring some of the losses from earlier in the day.

By 12:34pm, the benchmark was down 695 points or 1.54pc, regaining over 400 points from the day’s low.

A day earlier, the KSE-100 index tumbled to close with heavy losses of 786 points, or 1.72 per cent.

Investors were excited over the expression of confidence in Prime Minister Imran Khan by the National Assembly last Saturday.

The retention of Dr Hafeez Sheikh as the head of finance and the major jump in international oil prices over the weekend, signaled that the market might head firmly to the north.

But the investors’ exuberance died down and the index spiralled down to intraday low by 988 points, as the realisation dawned that the uncertainty on the political front was far from over with the opposition mobilising forces to install their candidate on the seat of chairman Senate as well as to dislodge the Punjab chief minister.

Other than that investors were spooked by the recent rapid surge in inflation and the upcoming monetary policy.

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