PSX dip continues with KSE-100 index dropping by more than 600 points in intra-day trading

KSE-100 fell 584 points

The Pakistan Stock Exchange (PSX) saw a decline on Tuesday, with the benchmark KSE-100 Index falling by 616.36 points, or 0.71%, reaching 81,232.14 points durint intra-day trading.

This marked a sharp drop from the previous close of 81,850.50.

The index reached an intraday high of 82,010.09 before dipping to a low of 81,254.35, indicating volatility throughout the trading session.

Trading volume remained active, with 73.47 million shares exchanged, valued at Rs6.1 billion.

However, The Pakistan Stock Exchange (PSX) saw a strong rally on Friday, with the KSE-100 Index rising by 698.03 points, or 0.86%, to 82,157.31 during intra-day trading, marking a new high and reflecting growing investor confidence in Pakistan's economic recovery.

The index peaked at 82,372.19 points, with a low of 81,387.57 points.

Around 81.8 million shares were traded, with a value of Rs7.7 billion, showcasing robust activity.

KSE-100 surged by nearly 1,500 points as Pakistan posted a current account surplus of $75 million for August 2024. A rise in foreign direct investment, which reached $214 million in August, also boosted momentum.

Key sectors, including fertilizers, banking, and oil and gas, led gains, with Fauji Fertiliser, Meezan Bank, and Oil and Gas Development Company contributing 690 points to the index.

Analysts cited positive economic data, hopes of an IMF $7 billion EFF approval, and rising global equities as key drivers behind the rally.

Of the stocks traded, 61 advanced, while 36 declined.