The Pakistan Stock Exchange snapped its three-day winning streak on Tuesday and the KSE-100 index dropped 284 points despite a host of positive triggers.
The receipt of $2.75 billion from the International Monetary Fund (IMF) by the State Bank of Pakistan to cope with Covid-19 challenges failed to reverse direction of the market. I
n addition, strong financial results posted by index-heavy companies proved insufficient to arrest the market’s decline. Profit-booking was witnessed across the board as market participants offloaded their holdings.
Earlier, trading kicked off with a dip in the KSE-100 index and the downtrend persisted throughout the session. A fresh selling spree, emerging towards the close, widened the losses.