PSX closes in red as index falls by over 900 points

• Market closes at 64,801.70 points. 
• Benchmark KSE-100 loses 953.60 points or 1.45%.
• KSE-100 went down by 1,000 points during intraday trade.

KARACHI: Bears on Tuesday gripped the Pakistan Stock Exchange (PSX) as the benchmark index tumbled by over 950 points.

The benchmark KSE-100 index underwent selling pressure, dipping to a low of 64,801.70 points. It lost 953.60 points or 1.45%, compared to yesterday's close of 65,755.31 points.

The market initially plummeted by over 1,000 points during the intraday trading, however, it made minor recovery later in the day.

A day earlier, the stock market closed slightly lower after hitting a high of over 66,100 points earlier in the session, as investors weighed the prospects of a new government and its economic policies. 

The KSE-100 shed 38.45 points or 0.06% to close at 65,755.31 points. 

“Stocks closed under pressure amid weak global equities and concerns for economic uncertainty,” said analyst Ahsan Mehanti at Arif Habib.

He said uncertainty over the monetary policy announcement on March 18 and concerns over the outcome of government negotiations for new IMF loans played a catalyst role in the negative close.