PSX plunges by 948 points

Bureau Report
KARACHI: Pakistan Stock Exchange (PSX) witnessed bearish trend on Thursday as KSE-100 Index plunged to 40,655 points with a negative change of 948.34 points (2.33%) in the wake of detailed verdict released against former president Pervez Musharraf.
The KSE-100 index opened at 41,603 points but started to fall around midday and plunged to 40,655 points at the close of the day. A total of 169,915,190 shares were traded as compared to the trade of 182,857,290 shares during the previous day, whereas the value of shares traded during the day stood at Rs 9.44 billion as compared to Rs 10. Total 361 companies’ transacted shares in the Stock Market on Thursday, out of which 34 recorded gain and 310 sustained losses whereas the share price of 17 companies remained unchanged.
PSX on Wednesday witnessed bearish trend as the KSE-100 index closed at 41603 points with a negative change of 164 points.
The stock market on Thursday lost its upward momentum in the wake of uncertainty linked to the release of the detailed verdict in the high treason case against former military ruler retired Gen Pervez Musharraf, with the KSE-100 index closing 948 points in the red at 40,655.
The benchmark index witnessed fluctuation throughout the day, losing 1,100 points during intraday trading before making a slight recovery.
The market opened on a positive note, with the bulls carrying the index to an intraday high of 41,796. The negative trajectory began after the detailed judgement in the high treason case against Musharraf was issued by a special court, while news of a possible rise in India-Pakistan escalations also forced investors to offload their positions.