Bears rule stocks as KSE-100 plunges over 1,000 points

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“It is possible the corrective phase runs its course out this week but January opens on a more positive note,” says analsyst

A stock broker reacts while monitoring the market on the electronic board displaying share prices during trading session at the Pakistan Stock Exchange, in Karachi, Pakistan July 3, 2023. — Reuters

KARACHI: The Pakistan Stock Exchange (PSX) started the day on a negative note as the benchmark index witnessed a sharp decline of over 1,000 points on Tuesday.

The KSE-100 index dipped to a low of 60,638.12 points during the intraday trading, down by 1,066.97 points or 1.73%, according to the PSX website.

KSE-100 index. - PSX website — KSE-100 index. – PSX website

Head of Equities at Intermarket Securities Raza Jafri told Geo.tv that leveraged positions may possibly still be unwinding, however, volumes are on the thinner side.

“It is possible the corrective phase runs its course out this week, and that January opens on a more positive note,” he added.

More to follow…

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