KARACHI: The Pakistan Stock Exchange (PSX) recorded a turbulent session on Tuesday as the KSE-100 index gained 0.14%, with market participants resorting to value-hunting stocks and lifting the index upwards.
Buoyed by concerns over external account deterioration, the equity market had collapsed on Monday, as concerns over deteriorating macroeconomic indicators motivated market players to offload their holdings and sparked volatility. Stock prices fell to attractive levels, appealing to investors.
Tuesday’s session started on a volatile note and the KSE-100 index traded on both sides of the spectrum. Cherry-picking by market players lifted the index upward but a panic-induced selloff added to downside pressure. The equity market oscillated between red and green zones throughout the session and traded in a narrow range. A buying spell towards the end of the day made the index close with gains.
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At close on Tuesday, the KSE-100 ended with a gain of 58.74 points, up 0.14%, to finish at 42,726.06. In a report, Capital Stake noted that investors at the PSX witnessed a jittery session with indices swayed both ways until finally settling flat.
The depreciation of the Pakistani rupee against the US dollar further dented investors’ confidence, as it continued its record losing streak, closing the day at an all-time low of Rs195.74 against the greenback.