Shares at PSX lose 500 points on ‘uncertainty over circular debt’

Bears returned to the trading floor of the Pakistan Stock Exchange (PSX) on Thursday as shares traded in the red and lost more than 500 points. According to the PSX website, the KSE-100 index closed at 64,298 points, down 524.43 or 0.81 per cent, from the previous close of 64,822.43. The index had previously maintained an upward trajectory on expectations of measures aimed at addressing economic and circular debt issues. A day earlier, the benchmark index had briefly crossed the 65,000 milestone during intraday trade. Today, major activity was witnessed in energy stocks such as the Oil and Gas Development Company (OGDC), K-Electric Limited, Hascol Petroleum Limited and Pakistan Petroleum Limited (PPL). Speaking to Dawn.com, Mohammed Sohail, chief executive of Topline Securities, said that “confusion in circular debt resolution” impacted the share prices of PPL and OGDC, resulting in the index’s downward trend.