KSE-100: Unfazed by positive triggers, index slumps by 368 points
July 29, 2021
Bears continued to haunt investors at Pakistan Stock Exchange (PSX) as diminishing volumes and selling pressure placed the benchmark KSE-100 under pressure as it posted a 368-point loss by the closing bell and clocked at 47,318 level.
The Index traded in a range of 630.48 points or 1.32 percent of the previous close, showing an intraday high of 47,874.69 and a low of 47,244.21.
On Wednesday, trading kicked off on an optimistic note but witnessed volatility, as intraday correction and discounted share prices attracted selective buying. However, it observed profit-taking during the session amid rising COVID cases.
Rakyat Selangor Boleh Mula Mohon SISM40 Mulai Hari Ini, 1 Julai
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The Pakistan Stock Exchange recorded an all-time high volume of stocks traded during Wednesday s session amid a positive sentiment due to GDP growth numbers and market-friendly budget expectations. “The market is optimistic due to the positive news relating to the economy,” said Ahmed Lakhani, a senior research analyst. “Especially the GDP growth rate of 3.94% and the development in the Reko Diq case have positively affected the market.” On Tuesday, the British Virgin Islands High Court ordered unfreezing offshore assets of the Pakistan International Airlines in the Reko Diq case. These assets include PIA’s interests in Roosevelt Hotel in New York and Scribe Hotel in Paris. A.