{"id":34170,"date":"2023-12-11T12:37:05","date_gmt":"2023-12-11T12:37:05","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/psx-snaps-positive-streak-as-benchmark-index-loses-200-points\/"},"modified":"2023-12-11T12:37:05","modified_gmt":"2023-12-11T12:37:05","slug":"psx-snaps-positive-streak-as-benchmark-index-loses-200-points","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/psx-snaps-positive-streak-as-benchmark-index-loses-200-points\/","title":{"rendered":"PSX snaps positive streak as benchmark index loses 200 points"},"content":{"rendered":"

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Shares at the Pakistan Stock Exchange (PSX) broke their record breaking streak and fell more than 200 points on Monday, with analysts attributing the sell-off to profit-taking.<\/p>\n

According to the PSX website<\/a>, the KSE-100 index shed 211.31 points to close at 66,012.32 points, down 0.32 per cent from the previous close of 66,223.63.<\/p>\n

It should be mentioned that the KSE-100 index had reached a significant milestone<\/a> last week as it crossed the psychological barrier of 66,000 points. Overall, the stock market\u2019s benchmark index closed at 66,224 points, up 4,532 points or 7.3pc week-on-week, which was the highest ever weekly pointwise return.<\/p>\n

Speaking to Dawn.com<\/em>, Faran Rizvi, head of equity sales at JS Global, said the market was currently in an \u201coverbought territory\u201d and was likely making corrections.<\/p>\n

He predicted a bullish trajectory for the benchmark of representative shares in the near future, with the possibility of the index crossing the 74,000 milestone.<\/p>\n

\u201cThe market\u2019s focus has now shifted to the upcoming monetary policies, and while most analysts anticipate no change in the current Monetary Policy Statement (MPS), any unexpected adjustment in interest rates \u2014 whether upward or downward \u2014 could have a significant impact on the market,\u201d Rizvi added.<\/p>\n

Meanwhile, Topline Securities chief executive Mohammed Sohail said that the market was witnessing profit-taking, especially from leveraged buyers, after negative news related to refineries.<\/p>\n

Capital market expert Mohammad Saad Ali was also of the opinion that the market was responding to \u201cPakistan State Oil refuting PRL (Pakistan Refinery Limited) divestment and refinery offtake worries\u201d.<\/p>\n

\u201cNews of Chinese investment in PRL last week drove expectations of a large gain in PSO earnings and expectations of lower cash flow drain for the refinery up gradation. PSO refuted the news over the weekend and thus the stock price is retreating today,\u201d he explained.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Shares at the Pakistan Stock Exchange (PSX) broke their record breaking streak and fell more than 200 points on Monday, with analysts attributing the sell-off to profit-taking. According to the PSX website, the KSE-100 index shed 211.31 points to close at 66,012.32 points, down 0.32 per cent from the previous close of 66,223.63. It should […]<\/p>\n","protected":false},"author":2,"featured_media":34171,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/i.dawn.com\/large\/2023\/12\/111701560939790.png?r=170210","fifu_image_alt":"","footnotes":""},"categories":[192],"tags":[],"class_list":["post-34170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-islamabad-news"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/34170","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/comments?post=34170"}],"version-history":[{"count":0,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/34170\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media\/34171"}],"wp:attachment":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media?parent=34170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/categories?post=34170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/tags?post=34170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}