Karachi: The Pakistan Stock Exchange (PSX) turned sharply lower on Monday after a strong start, with the benchmark KSE-100 Index shedding more than 1,100 points amid sustained selling pressure during early trading.
PSX plunges more than 6,000 points as selling pressure intensifies
The market opened on a positive note, with the KSE-100 Index rising 615 points to reach 184,789.71. However, the upward momentum proved short-lived as selling intensified, pushing the index into negative territory and dragging it down to 183,021, below the key 184,000 level.
The sharp reversal followed a strong performance in the previous session, when the benchmark index closed higher by 1,836.37 points, or 1.01 percent, to settle at 184,174.49, according to data from the Pakistan Stock Exchange.
During the latest session, trading activity in the ready market stood at 805.139 million shares, with a total value of Rs 50.834 billion. This compared with 933.100 million shares worth Rs 66.413 billion traded in the previous session. Market capitalisation increased to Rs 20.827 trillion from Rs 20.618 trillion a day earlier.
Out of 484 companies traded, 258 recorded gains, 175 closed lower, and 51 remained unchanged by the end of the session.
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