PSX extends losses, loses 338 points

KARACHI: The Pakistan Stock Exchange (PSX) fell for the second consecutive session on Wednesday. Stocks resumed their downfall from where they halted on Monday following trends of the regional markets.

Asian markets ended lower even though crude oil was on the raise ahead of the scheduled meeting of major producers. The Organisation of Petroleum Exporting Countries (OPEC) president will discuss a plan to cap production with officials from Iran, Iraq and Venezuela.

The KSE-100 index collapsed 338.75 points during the day to end gap down at 31,469.70 (-203.46 points). KMI 30 index slumped 559.37 points intra-day. The index later recovered some losses to close down 301.46 points at 53,618.20. KSE All Share settled at 21,836.13 shedding 171.96 points. There were 88 advancers and 195 decliners in the session.

The market volumes contracted to 124.049 million from last session’s 166.743 million. The technology and communications sector with volume of 24.043 million was leader for the day.

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