Bears return to the PSX as KSE-100 index loses 844 points
The bullish sentiment at the Pakistan Stock Exchange (PSX) fueled by the July 25 election proved short-lived, with the benchmark KSE-100 index losing 844 points on Tuesday.
After opening lower, the index continued to slide lower throughout the session as investors booked profits.
"United States' Secretary of State Mike Pompeo warned Pakistan against using IMF bailout fund [in case Pakistan decides to enter the program] to pay off Chinese debt, which further dented market sentiments," Topline Market Research said.
The volumes also slipped to 274.5 million shares worth Rs13.7 billion traded. Of the 348 traded scrips, 79 advanced, 255 declined and 15 remained unchanged.
The cement sector dominated trading with 53.1m shares traded.
Volumes were led by:
Worldcall Telecom Ltd: 19.2m shares traded [+4.74pc];
Fauji Cement Co Ltd: 17.1m shares traded [-4.34pc];
D. S. Industries Ltd: 16.7m shares traded [+3.79pc];
K-Electric Limited: 14.5m shares traded [-3.06pc];
Pak Elektron Ltd: 13.2m shares traded [-4.75pc].