Karachi, August 29, 2023 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) experienced a substantial decline of 708 points during a bearish trading session on Tuesday.
The index concluded the trading day at 46,770 points, down from the previous day’s closing figure of 47,478 points.
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Analysts at Ismail Iqbal Securities attributed the sharp decline in the equity market to a grim macroeconomic outlook, which prompted a broad-based correction activity.
Trading volumes were notably higher, with 216 million shares changing hands compared to 183 million shares in the preceding session.
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Several sectors weighed down the index’s performance during the session, with technology and communication, oil and gas exploration companies, and cement sectors collectively shedding 319 points from the index.
The bearish sentiment in the stock market reflects the challenges and uncertainties facing the economic landscape. Investors are closely monitoring economic indicators and market developments as they navigate through a complex and dynamic investment environment.
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