KARACHI: After starting the week on bearish note, the stock market on Tuesday continued its downward spiral as lack of political or economic triggers keep the market subdued and investors cautious.
The KSE 100 index at the Pakistan Stock Exchange lost 121.14 points, or a decrease of 0.28 percent to eventually close at 42,626.48 points. The bourse reached the highest point at 42,965.41 points but could not cross the 43,000 barrier and reached its lowest level at 42,338.79 before it settled down before market was suspended. The total volume of scripts was 122.5 million valued at Rs5.954 billion.
Meanwhile, the lower KSE 100 index dropped by 76.13 points, or a decrease of 0.38 percent to close at 19722.71 points. Share prices did not see significant gains as the most active stock remained TRG (0.91%), Byco (6.07%), and Fauji Fertilizer (3.46%), while World Call (-3.20%), Engro Polymer (-0.98%), BOP (-0.15%) and Engro Fertilizer (-3.77%). There was rising investment in the textile and insurance, while sugar companies also surged due to rising prices.
The stock market continues to have a disappointing week as the index also lost the 43,000 mark on Monday, plunging by over 420 points as the selling pressure persisted. Investors remained cautious over lack of economic triggers and rumours of political uncertainty as the government tries to placate its disgruntled allies.
ADVERTISEMENT
