Bears return as shares at PSX lose over 500 points

Bears dominated on the trade floor as shares at the Pakistan Stock Exchange (PSX) traded in the red and lost more than 500 points on Tuesday. According to the PSX website, the KSE-100 index lost 719.12, or 1.12 per cent, at 11:04am to stand at 63,550.25. The index closed at 63,737.46, down by 531.91points, from the previous close of 64,269.37. Yousuf M. Farooq, director of research at Chase Securities, said, “The market is currently grappling with uncertainty in anticipation of the upcoming elections.” On the flip side, he noted certain positive developments such as the reduction in petrol prices, coupled with the sustained strength of the Pakistani rupee, were expected to “significantly mitigate inflation” in the coming months. “Despite a robust rally in the market over the last six months, the prevailing political situation is now prompting a temporary pause, providing the market with an opportunity to recalibrate,” he said.