Tuesday , February 18 2020
Breaking News
Home / Latest News / PSX witnesses bearish trend as benchmark index plunges 289 points
PSX witnesses bearish trend as benchmark index plunges 289 points

PSX witnesses bearish trend as benchmark index plunges 289 points

KARACHI: Pakistan Stock Exchange on Monday witnessed bearish trend as the KSE-100 Index closed today at 40,442.80 points with a negative change of 289 points.

On Friday, the KSE-100 Index closed at 40,732.25 points as compared to 40,306.55 points on the last working day with a positive change of 91.15 points. The benchmark KSE -100 index gained 91 points in today’s session, closing the day at 40,732 points.

The Index traded in a range of 388.27 points or 0.96 percent of previous close, showing an intraday high of 40,982.45 and a low of 40,594.18.

On Sunday, Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh said the recent strong performance of Pakistan’s stock market was proof of “increasing investor confidence on stabilisation measures” employed by the Pakistan Tehreek-e-Insaf (PTI)-led government.

In a tweet, the premier’s aide stated that the 14.9 per cent gain of the KSE-100 Index in November was the highest one-month return over the past six years.

“The KSE-100 index is up by 14.9% in November 2019, highest one month return after May 2013. Since 16 August 2019, the index increased by 36.6% (10,500 points),” said Mr Shaikh.

His comments came after the Pakistan Stock Exchange had a phenomenal rally in the outgoing week despite political uncertainty that jolted investors briefly.

According to updates till Friday, the benchmark KSE-100 index managed to sustain its winning streak for the fifth successive week as it advanced 1,362 points or 3.59 per cent and crossed the 39,000 mark after eight months. It closed the week at 39,288 points.

“In November 2019, the KSE-100 index increased 5,084 points or 14.9pc month-on-month – this is the highest monthly return after May 2013,” said AHL Research in its report.