KSE-100 recovers over 700 points, still ends 0.2% lower
The Pakistan Stock Exchange (PSX) recorded a tumultuous session on Monday as volatility gripped the KSE-100 index, resulting in a roller coaster movement of the market. Negative investor sentiment, arising due to ongoing flash floods in the country coupled with anxiety over IMF board meeting later during the day, struck trading at the equity market and made it close in red for fourth successive session. Trading began with a plunge however, the KSE-100 index posted partial recovery towards noon. From this point onward, the market remained largely range-bound however, a fresh buying spell in the final hour aided the index in erasing majority of the losses. KSE-100 finishes below 43,000 after 441-point decrease Automobile, chemical and banking sectors closed mostly in the red while cement scrips outshined and attracted modest buying. Moreover, oil sector stocks closed on a mixed note. “Flood situation is denting market sentiments,” Sana Tawfik, vice-president of research and a senior analyst at Arif Habib Limited (AHL), told Business Recorder.
KSE-100 recovers over 700 points, still ends 0.2% lower
The Pakistan Stock Exchange (PSX) recorded a tumultuous session on Monday as volatility gripped the KSE-100 index, resulting in a roller coaster movement of the market. Negative investor sentiment, arising due to ongoing flash floods in the country coupled with anxiety over IMF board meeting later during the day, struck trading at the equity market and made it close in red for fourth successive session. Trading began with a plunge however, the KSE-100 index posted partial recovery towards noon. From this point onward, the market remained largely range-bound however, a fresh buying spell in the final hour aided the index in erasing majority of the losses. KSE-100 finishes below 43,000 after 441-point decrease Automobile, chemical and banking sectors closed mostly in the red while cement scrips outshined and attracted modest buying. Moreover, oil sector stocks closed on a mixed note. “Flood situation is denting market sentiments,” Sana Tawfik, vice-president of research and a senior analyst at Arif Habib Limited (AHL), told Business Recorder.