KARACHI – The Pakistan Stock Exchange on Wednesday witnessed bearish trend that cost the investors heavily as they lost Rs120.78 billion amid looming tough conditions by the International Monetary Fund (IMF) for a new bailout package and unchanged interest rate.
The KSE-100 index opened with upward trend as at one point it gained 242 points during intraday trading. However, it lost the gaining momentum after a surge was witnessed in drawing profits in banking sector and other items listed in the index.
The benchmark 100-index dipped to 945 points during the intraday trading. However, it managed to recover slightly to close at 64048.44 points after losing 752.36 points.
KSE-30 index plunged by 283.80 points to close at 21463.97 ponts, KMI-30 index 1503.20 points to close at 108123.43 points while KMI All Share Index lost 421.97 points to close at 30607.12 points.
The bearish trend caused drop in price of 78.11 percent shares, leading to lose of Rs120.789 billion to investors.
Allawasaya Textile & Finishing Mills Limited and Mari Petroluem are among the companies to suffer decline in the price of their shares.
Pakistan eyes large IMF programme to deal with slow economic growth, record inflation
