Bearish spell sets in on stock market

Bearish spell sets in on stock market

KARACHI: Bears held sway over the Pakistan Stock Exchange (PSX) for the fourth consecutive session on Thursday amid rising concerns about the rupee depreciation and the continuing foreign selling spree. According to Arif Habib Ltd, investors remained under pressure despite the PSX offering attractive valuations in terms of low price-to-earnings multiples and high dividend yields. “Technology stocks remained in the limelight throughout the day as traders placed bets on high-beta stocks to mark quick trading gains,” it said. As a result, the KSE-100 index lost 427.95 points or 0.96 per cent to close at 43,935.75 points. Market participation decreased 37.1pc to 195.2 million shares while the value of traded shares also declined 35.2pc to $48m. Sectors taking away the highest number of points from the benchmark index included commercial banking …
More on: www.dawn.com