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.
Stocks extend losses as investors play safe
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Stocks extend losses as investors play safe
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Market watch: Stocks extend losses amid lack of triggers
Benchmark KSE-100 index falls 233.75 points to close at 45,059.12
Overall trading volumes dropped to 305.8 million shares compared with Tuesday’s tally of 366.8 million. PHOTO: FILE
KARACHI:
The stock market extended its fall on Wednesday in the absence of positive cues, though the pace of decline slowed down from the previous day.
In the morning, the benchmark KSE-100 index opened in the green, however, as an uneasy calm prevailed in the market, the index succumbed to selling pressure from exploration and production, bank and cement sectors. A lack of positive triggers kept investors cautious throughout the trading session.