Following global stock markets, the Pakistan Stock Exchange (PSX) saw bearish activity, with the benchmark KSE-100 index on Tuesday closing down 416 points (0.94pc) at 43,885.
The benchmark lost over 800 points within the first 15 minutes of the trading session to hit a day’s low of 43,498 points, whereas the session’s opening at 44,301 points remained the day’s highest point.
A Topline Securities report stated that investors panicked fearing outflow of foreign funds owing to a global sell-off as Asian markets were down in the range of 1-6pc.
“WTI sliding below US$64/bbl further dented investor sentiments,” it added. However, some value buying at the day’s low allowed the market to partially recover and close at 44,885 points, the report read. In all, 238 million shares worth Rs8.5 billion changed hands during the session. Of the 385 traded scrips, 142 advanced, 226 declined and 17 remained unchanged.
The communication sector dominated trading with 30.3m shares traded, while the chemical and textile sectors followed with 29.2m and 26.5m shares changing hands. Volumes were led by: Azgard Nine: 24.9m shares traded [+6.51pc]; TRG Pak Ltd: 20.3m shares traded [+5.0pc]; Lotte Chemical: 19.4m shares traded [+2.43pc]; Sui South Gas: 13.3m shares traded [+0.97pc] and Byco Petroleum: 12.1m shares traded [+4.36pc].