{"id":40080,"date":"2023-12-26T12:10:14","date_gmt":"2023-12-26T12:10:14","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/psx-correction-continues-as-market-sheds-over-2500-points\/"},"modified":"2023-12-26T12:10:14","modified_gmt":"2023-12-26T12:10:14","slug":"psx-correction-continues-as-market-sheds-over-2500-points","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/psx-correction-continues-as-market-sheds-over-2500-points\/","title":{"rendered":"PSX \u2018correction\u2019 continues as market sheds over 2,500 points"},"content":{"rendered":"

<\/p>\n

\n

Bears cemented their position on the trade floor once again as the KSE-100 traded in the red on Tuesday, a continuing trend from previous week.<\/p>\n

According to the PSX website<\/a>, the KSE-100 index shed much of its records and dipped by 1356.16, sinking to 60,348.93 points at 10:54am. It eventually closed at 59,170.97 points, 2,534.12 points (4.11pc) less than the previous close of 61,705.09 points.<\/p>\n

Faran Rizvi, head of equity sales at JS Global, said, \u201cInvestor confidence is being rattled by political uncertainties and, should this instability persist, it may trigger further corrective movements in the market.\u201d<\/p>\n

\u201cThe index\u2019s key support level rests at 58,500,\u201d he added.<\/p>\n

Rizvi recommended a \u201cbuy on dip\u201d approach, particularly focusing on value stocks.<\/p>\n

A buy on dip is a strategy where investors buy stocks during a short-term price dip, anticipating price recovery in the near future.<\/p>\n

Mohammed Sohail, chief executive of Topline Securities, in a post on X, wrote that the index was undergoing a \u201cmuch needed\u201d corrective phase as the index had made rapid gains previously<\/a>.<\/p>\n

He further attributed the downward spiral to a \u201chigh leveraged position\u201d and a change in market trends as the year came to an end.<\/p>\n

Raza Jafri, head of equities at Intermarket Securities, echoed the same sentiments, stating that the \u201cleveraged positions continue to unwind, similar to last week\u201d.<\/p>\n

However, he added on a positive note that the market \u201cshould be in a more stable position from January onwards\u201d.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Bears cemented their position on the trade floor once again as the KSE-100 traded in the red on Tuesday, a continuing trend from previous week. According to the PSX website, the KSE-100 index shed much of its records and dipped by 1356.16, sinking to 60,348.93 points at 10:54am. It eventually closed at 59,170.97 points, 2,534.12 […]<\/p>\n","protected":false},"author":2,"featured_media":40081,"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\/26154656c90e391.jpg?r=155101","fifu_image_alt":"","footnotes":""},"categories":[13],"tags":[],"class_list":["post-40080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/40080","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=40080"}],"version-history":[{"count":0,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/40080\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media\/40081"}],"wp:attachment":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media?parent=40080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/categories?post=40080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/tags?post=40080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}