Bears continued to dominate the Pakistan Stock Exchange on Tuesday and dragged its benchmark index down by over 900 points.
According to the PSX website, the KSE-100 index lost 931.98 points to stand at 61,841.74, down 1.48 per cent, from the previous close of 62,773.72 points.
The benchmark of representative shares opened the week a day earlier with a decline of more than 1,000 points, the biggest single-day fall in over a month. The losses were attributed to profit-taking ahead of the announcement of the monetary policy.
Tuesday, energy stocks such as K-Electric Limited, World Telecom Limited, Hascol Petroleum Limited, Pakistan Telecommunication Company Limited and Pakistan Refinery Limited witnessed major activity.
Shahab Farooq, director of research at Next Capital Limited, attributed the bearish momentum to political uncertainty ahead of the February 8 general elections.
“Geopolitical concerns, along with foreign selling, restricted market performance,” he told media, adding that the market was expected to remain volatile in the near term.
