Volatile Trading Day Sees PSX Lose Over 1,100 Points, Index-heavy Sectors Hit Hard
In the latest development on the Pakistan Stock Exchange (PSX), increased political clamour once again sent shockwaves through the market as the benchmark KSE-100 index plunged over 1,200 points during trading on Friday. The market struggled throughout the day, with the index closing at 59,872.96, marking a significant decline of 1147.09 points or 1.88%.
The day witnessed extreme fluctuations, with the market reaching its peak at 61,173.30 points and hitting its lowest point at 59,739.46. The trading volume stood at 163,233,825 shares, reflecting the intense activity and investor sentiment on the trading floor.
Index-heavy sectors such as Oil and Gas Development Company (OGDC), Pakistan Petroleum Limited (PPL), Pak Refinery, and Pakistan State Oil (PSO) bore the brunt of the selling pressure, with these stocks trading deep in the red throughout the session.
The previous day had seen the market close at 61,020.05 points, indicating a sharp decline in the index on Friday. Investors and market participants remained cautious amid the ongoing political uncertainty, which continued to impact the stock market performance.
As the market navigates through these turbulent times, investors are closely monitoring the developments and adjusting their strategies to mitigate risks and capitalize on potential opportunities in the market.