KARACHI – Bulls continued to rule the Pakistan Stock Exchange (PSX) on Tuesday as KSE-100 index plunged by 2,534 points, the biggest single day decline.
The benchmark index closed at 59,170.97 points with a decline of 4.11 percent from the previous close of 61,705.09 points.
KSE-100 Index highest ever Decline by 2,534 points (-4.11% DoD) closing at 59,171 points. Dropping 11% from its peak of 66,427 points.@Pakstockexgltd#KSE100 #PSX #Equities #Pakistan pic.twitter.com/Kb4qUfUfRq
— Arif Habib Limited (@ArifHabibLtd) December 26, 2023
A research firm, Arif Habib Limited, said the drawdown for the KSE-100 has now extended beyond -11pc which is historically the turning point in the bull markets.
“One point of concern is that Pakistan is currently on the watch list from FTSE for potential demotion from Secondary Emerging to Frontier market status,” read the statement.
Due to massive decline, experts have called it “Black Tuesday” for the stock market, saying multiple factors are involved in the nosedive.
One of the major factory, they said, is the year-end profit taking by the investors..
In international market, Asian stocks traded cautiously as investors were still analysing fresh data that showed US prices plunged last month for the first time in more than 3 years.
USD to PKR: Pakistani rupee starts trading on positive note in interbank after holidays
