Bears return with a bang, index loses 1,510 points
After two straight recovery sessions following a ruthless bloodbath in the last week, the bears on Tuesday again drove the bulls out of the stock market, causing investors a staggering loss of Rs690 billion in a single day. The market opened in the green and surged 1,112 points to hit an intraday high of 115,036.50. However, bears entered the market and wiped out 1,630 points to 112,294.42. Ultimately, it closed at 112,414.81 after losing 1,509.61 or 1.33pc day-on-day. Ahsan Mehanti of Arif Habib Corporation attributed the market downturn to profit-taking witnessed amid pressure on future contracts rollover and uncertainty over the outcome of the government and PTI reconciliation talks. He added that weak rupee, falling global crude oil prices and institutional selling in overbought scrips fuelled bearish activity at PSX.