PSX Recovers Back Above 61,000 After Losing Over 1,400 Points During Live Trade

Bears again wrecked the Pakistan Stock Exchange (PSX) on Tuesday as the benchmark KSE-100 index lost over 1,400 points in the first hour of intraday trade after the International Monetary Fund turned down Pakistan’s circular debt reduction and tariff rationalization plans. The benchmark KSE-100 index appeared bearish from the opening bell and immediately dropped into the red zone, losing 1,400+ points after trading resumed on Tuesday. After opening trade at 61,065 points, the benchmark KSE-100 index crashed by 1,452 points to 59,613 at 9:50 AM. At 10:50 AM, it clocked in at 60,536, down by 1.61 percent or 981 points. It settled at 61,226, up 0.26 percent or 161 points. The early-day decline was led by OGDC and PPL after the IMF said they did not agree with Pakistan’s circular debt reduction plan. The market was expecting a big dividend because of this. The highest participation was witnessed in K-Electric Limited (PSX: KEL) with over 65.8 million shares traded, followed by Worldcall Telecom Limited (PSX: WTL) and Pakistan Refinery Limited (PSX: PRL). The scrips had 30 million shares and 28.6 million shares traded, respectively.