Stocks extend losses as investors play safe
Business
April 29, 2021
Stocks gave up more gains on Wednesday with energy and financials becoming investorsâ whipping boys as the pandemic shows no letup, dealers said.
Pakistan Stock Exchangeâs (PSX) KSE-100 Shares Index lost 0.52 percent or 233.75 points to close at 45,059.12 points, while trade volumes receded to 305.7 million shares from 366.8 million on Tuesday.
Topline Securities in a note said earlier the kick off was on a positive note where the market made an intraday high of 296 points.
However, the bourse didnât sustain the positivity and lost 272 points in te second half after ECC (Economic Coordination Committee) of the cabinet deferred the summary till next meeting on 40 percent payments to IPPs (Independent power producers), it said.