After a day’s respite, bears staged a comeback at the bourse, pulling the KSE-100 index down by over 1,100 points as market participants took cue from the tumbling global markets and pulled out their investments to buy safe assets.
Trading in the first session began with a dip and weak investor sentiment, coupled with the global sell-off, resulted in the index losing nearly 650 points.
The second session kicked off positively as investor cherry-picked stocks, however, the optimism evaporated shortly and selling pressure emerged once again. In final hours, the market extended its fall and inched closer to the 38,200-point mark towards the close.
At close, the benchmark KSE-100 index recorded a decrease of 1,162.44 points, or 2.95%, to settle at 38,219.67. Resultantly, Oil and Gas Development Company and Pakistan Petroleum were seen closing near their lower circuits.