PSX in turmoil as KSE 100 Index declined by 193 points

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Pakistan Stock Exchange or PSX is on constant decline as KSE 100 Index seen another negative trend.

KSE 100 index fell by 193.36 points (0.5%) and reached at 38,115.81 points. The index also hit below 38,000 for the short period after losing 330 points.

Cement, fertilizer, energy, and Banks stocks were severely declined. Bank Al Habib was down by 0.7%, Lucky Cement 1.4%, United Bank 0.6, Engro Corporation 0.6%, Pakistan Petroleum 2.3%, Pakistan Oilfields 2.7%, Fauji Fertiliser 0.6%, MCB 0.2%, Oil and Gas Development Company 0.4%, Habib Bank was down 2.2%, and resulted in the cumulative loss of 189 points.

In the wake of opening on a misleading positive note, KSE 100 Index can simply make to intra day high by 14 points before it surrendered to moving weight. Traders followed the global markets that were generally on the decline, as worldwide oil rates plunged to one-year low.

While the refinery division picked up on the back of lower oil costs with expectation of positive gross refining edges, oil and gas promoting organizations confronted offering weight because of desire for stock and losses of foreign exchanges.

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