Stock Market Turns Bearish After Initial Rally, KSE-100 Index Closes in Negative Zone
KARACHI: The Pakistan Stock Exchange (PSX) saw a dramatic reversal today as it rallied strongly during the morning session but was put under selling pressure in the later half of the session, resulting in the benchmark KSE-100 index closing in the negative zone.
The stock exchange started the trading session for the fourth time in the business week on a bullish note. The KSE-100 index rose by more than 1200 points during early trading hours, making it the highest in history.
Sudden Intraday Slump and Final Closing Figures
But market sentiment turned drastically at mid-day trading with profit taking pushing the index lower. The bear market continued until the end of the day when the KSE-100 index closed at 177,322 points after losing gains in the morning.
It is worthy of note that the stock exchange had shut with the KSE-100 index at 176,370 points at the end of the last trading day.