PSX continues to bleed as benchmark index loses 465 points
The Pakistan Stock Exchange (PSX) continued to slide on Tuesday, with the benchmark KSE-100 index losing 465 points to fall below the 38,000-mark.
The index touched the day's high of 38,443 early in the session but soon began to shed points and touched the day's low of 37,768 points before closing at 37,919.
"Major drag to the performance came from the energy sector as sentiments were dented after the prime minister advised the power ministry to completely phase out furnace oil-based power generation, due to their negative fallout on the environment," a note by Elixir Securities read.
In all, around 109 million shares worth Rs4.75 billion changed hands during the session. Of the 337 traded scrips, 53 advanced while 263 advanced and 21 remained unchanged.
The technology and communication sector dominated trading with 27.5m shares traded.
Volumes were led by:
WorldCall Telecom: 15.8m shares traded [+1.05pc]
K-Electric Ltd: 11.1m shares traded [-0.66pc]
TRG Pak Ltd: 10.5m shares traded [-4.99pc]
Pervez Ahmed SL: 4.3m shares traded [-12.00pc]
Dewan Cement: 3.6m shares traded [-6.60pc]