PSX downward trend continues as stocks plummet by 1300 points

Bears cemented their position on the trade floor once again as the KSE-100 traded in the red on Tuesday, a continuing trend from previous week.

According to the PSX website, the KSE-100 index shed much of its records and plunged by 1356.16, sinking to 60,348.93 points at 10:54am from the previous close of 61,705.09.

Faran Rizvi, head of equity sales at JS Global, said, “Investor confidence is being rattled by political uncertainties and, should this instability persist, it may trigger further corrective movements in the market.”

“The index’s key support level rests at 58500,” he added.