Bottom falls out as PSX benchmark index nosedives by 1,500 points
The Pakistan Stock Exchange (PSX) experienced intense pressure on Tuesday as the index plunged by over 1,500 points, as it started trading below the 40,000 mark for the first time in six months.
At the start of the day, the KSE-100 benchmark climbed to the day’s high at 41,037.14 points.
But data from the index showed that since hitting the high, the index had plunged to a low of 39,533.03 points, a difference of 1,504.11 points.
There did not seem to be point where the fall would stop.
It was the for the first time since July 26, that the index dipped below the psychological barrier of 40,000 points.
The top negative stocks pushing the benchmark KSE-100 red included the technology and communication sector with 200.03 points, the banking sector at 153.32 points while the cement sector contributed negatively at 101.13 points.
Earlier on Monday, the KSE-100 index ended the trading session at 40,970.82 points from the previously closed value of 41,301.48 on Friday.
So far, a total of 175.67 million shares have been traded.