PSX remains negative on 2nd consecutive day
KSE-100 index sheds 239 points, settles at 30,281 points
Pakistan Stock Exchange (PSX) witnessed a negative trend for the second consecutive day on Tuesday when the benchmark KSE-100 index lost 239 points and dropped to 30,281 points. Yesterday, PSX lost 830 points and closed at 30,520 points. In the last week, the KSE-100 index gained massive 2,585 points to close at 31,350 points.
Hovering in the green throughout the previous week on the back of rumors that Pakistan might exit the FATF grey list, as many as 174 million shares of indexed companies changed hands during the session. The market value of the shares traded clocked in at Rs424 billion.
Over the course of previous week, foreign investors sold a total of $4900,000 worth of shares. Earlier, the recent simmering tensions between nuclear-armed Pakistan and India over Kashmir dispute had pushed investors to adopt cautious behaviour in the trading.
Moreover, since the passage of the financial budget for the fiscal year 2019-20, the stringent policies had been reflecting themselves in the downfall of the stock market. According to a JS Global report, The local bourse closed positive on the rumors that Pakistan might exit the FATF grey list. Market analysts are expecting a positive momentum at the bourse in the days to come.