KARACHI: The Pakistan Stock Exchange (PSX) continued to bleed for the second successive session on Tuesday as the benchmark KSE-100 index fell over 700 points and closed below the 47,000-point mark.
The latest round of rupee depreciation and delay in the International Monetary Fund (IMF) programme prompted renewed stock selling as investors reacted with panic.
In the morning, the market opened downwards and fell sharply in earlier trading. Some stability emerged at midday but it could not be sustained. Late session selling dragged the market further into the negative territory.
The KSE-100 Index moved in a range of 867.58 points, showing an intraday high of 47,174.49 points and a low of 46,306.91 points. At close, the benchmark KSE-100 index recorded a decrease of 715.13 points, or 1.52%, to settle at 46,399.91 points.
Sectors contributing to the performance included commercial banks (-123 points), cement (-102 points), technology (-79 points), exploration and production (-63 points), and power (-46 points).
During the session, shares of 359 listed companies were traded. At the end of the session, 48 stocks closed in the green, 296 in the red, and 15 remained unchanged.
Overall trading volumes surged to 434.7 million shares compared with Monday’s tally of 364.9 million. The value of shares traded during the day was Rs14.3 billion.
Telecard Limited was the volume leader with 33.5 million shares, losing Rs0.02 to close at Rs19. It was followed by Fauji Foods with 28.8 million shares, losing Re1 to close at Rs3.28, and First National Equities with 25.35 million shares, gaining Re1 to close at Rs11.04.
