KARACHI: Pakistan Stock Exchange (PSX) bounced back in early trading as the benchmark 100-index added 317points to reach 44982 points level on Tuesday.
On Monday, the stocks witnessed a bloodbath on first trading day of the new fiscal year with the benchmark 100-share index losing massive 1,900 points, the biggest ever fall, due to ongoing political uncertainty, as Supreme Court directed JIT to complete Panama case probe into the Sharif family’s dealings abroad.
The index plunged 4.08 per cent, falling through the 45,000 level to close at 44,665.41 points. The market recorded the day’s low at 44,639.82 points during the trading session, brokers said.
Weak global crude prices, concerns for higher taxation on corporate sector and dismal economic data on exports played a catalyst role in record fall at PSX, he added. Participants sat on the bench as volumes plummeted 34% to 157m shares, while traded value declined 6% to Rs8.8b/$84.3m.
Scrips of total 359 active companies participated in the session of which 326 finished in red, only 21 in green while 12 remained unchanged.
