Stock market midday update; PSX drops 900 points

KARACHI: Yesterday, the Pakistan Stock Exchange (PSX) witnessed a relatively stable close as cautious traders refrained from taking significant risks ahead of the upcoming monetary policy meeting.

The benchmark KSE-100 index concluded Monday’s trading session with a marginal decrease of 38.45 points.

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However, Tuesday deepened the losses, with 900 points decline at approximately noon. The index opened at 65,755.30 points, and by 12:30 PM it was hovering at 64,827.64 points. Soon after, the market started to post moderate recovery but stayed significantly lower than the opening stage.

Almost all drivers of the index were seen trading in red, with the exception of PIA which was seen in green by noon. The total volume of shares traded for the KSE-100 index until approximately 1 PM stood at 94 million.

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Around 1 PM, the index looked like this: