Market correction plunges stock market 1,200 points

stock market

KARACHI: Pakistan Stock Exchange had a changeable outgoing week, with profit taking and correction marking the better part of trading activity through the five days.

On Tuesday, after the long weekend, the index opened with a bearish sentiment, once again, and plunged down by over 1,200 points by within two hours of trading.

Nomination paper fees: Rs 655.7m deposited in national treasury

The index opened at 61,705.09 points, and by 11 a.m. the benchmark index had plunged down to 60,316 points, before recovering a little bit to 60,540.44 points.

The decline can be attributed primarily to market connection, which was anticipated by the analysts. However, now there are also expectations that the market correction will finish its course within the current week, allowing the KSE-100 index to open on a positive note in calendar year 2024.

Energy and telecom companies seemed to lead the downturn in the market. However, most prominent stocks and sectors were seen in red, indicating an overall correction in the market, independent of the market conditions of any particular segment.

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