Profit-taking pushes PSX to fresh losses
KARACHI: The Pakistan Stock Exchange (PSX) started out with disinterested and cautious investors deciding to take profit and stay away from building fresh positions on Wednesday. The KSE-100 index closed down 188.90 points (0.44 per cent) at 42,622.37.
Stocks continued to descend as investors’ were spooked by the uncertainty over two major events: The anticipation of outcome of the Supreme Court hearing on the Panama Papers case and the whether Opec would agree to a cut in production in the Ministers’ meeting at Vienna on Wednesday. Foreign selling which stood at an 8-year high $117m in September also sat heavily on investors’ mind.
Overall, volumes increased by 27pc over the previous session to 585m shares, while traded value increased by 33pc to Rs17.7bn.