Karachi: Intense selling pressure was witnessed at the Pakistan Stock Exchange (PSX) on Tuesday as the benchmark KSE-100 index lost more than 900 points.
The market’s decline coincided with the rupee falling to an all time low against the dollar for a second consecutive day.
Initially according to the PSX website, the KSE-100 Index opened at 41,367.11 points and went up 176 points. However, after 10:30am the bears took control and the market began sliding. At around 3:25pm, the index hit 40,313.78 points — a decline of 1,053.33 points or 2.55 per cent. The index closed at 40,389.07 points, down 978.04 points or 2.36 per cent.
It is pertinent to note that yesterday the benchmark KSE-100 Index dropped into the red zone after shedding over 700 points during the first few hours of intraday trade, with banking, cement, and fertilizer as the top negative contributors on the bourse at the time.
