PSX downward trend continues as stocks plummet by 1,200 points in intraday trade

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PSX downward trend continues as stocks plummet by 1,200 points in intraday trade
The Pakistan Stock Exchange (PSX) started the day on a negative note as the benchmark index witnessed a sharp decline of over 1,200 points on Tuesday.

The KSE-100 index dipped to a low of 60,464.34 points during the intraday trading, down by 1,240.75 points or 2.01%, according to the PSX website.

Head of Equities at Intermarket Securities Raza Jafri media that leveraged positions may possibly still be unwinding, however, volumes are on the thinner side.

"It is possible the corrective phase runs its course out this week, and that January opens on a more positive note," he added.

Mohammed Sohail, chief executive of Topline Securities, in a post on X wrote that the index was undergoing a “much needed” corrective phase as the index had made rapid gains previously.

He further attributed the downward spiral to a “high leveraged position” and a change in market trends as the year came to an end.

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