KARACHI: After a long as well as historic spell of sustained bulls’ rule in the Pakistan Stock Exchange (PSX), selling pressure was witnessed in the stock market, causing the benchmark KSE-100 Index to lose more than 1,000 points during the opening hours of trading on the start of the week.
A while after the selling pressure dissipated, the bulls returned to the market, with the KSE-100 index gaining more than 750 points.
Initially, selling seemed to become a rage in key sectors including commercial banks, oil and gas exploration companies, OMCs and power generation.
Index-heavy stocks traded in the red, including OGDC, PPL, SSGC, SGNP, HBL, MCB, MEBL, NBP and UBL.
According to the market experts, the sudden meltdown in the market was due to the government’s decision to constitute a high-level committee to resolve the pending issue of the Advances to Deposit Ratio (ADR) in the banking sector.
Later, stocks trade saw resurgence and PSX crossed 110,000 points after gaining more than 1,000 points.
Monday’s trade closed at 109,970 after gaining 916 points.
