KARACHI: The Pakistan Stock Exchange (PSX) closes opening trading session of the week with over 800 points loss, after posting nearly 900 points gains earlier in the day.
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The benchmark KSE-100 Index closed at 118,877 points, after touching the day’s highest at 120,590.77 points, but then losing down to the day’s lowest at 118,672.84 points.
The beginning trend of trading continued the positive momentum from yesterday, showing growth and investor confidence. But somewhere around 2 pm, the gains seemed to evaporate. Analysts are of the opinion that profit-taking due to continued positivity might have turned the positive trend.
Moreover, after back to back successful sessions during the past week, some course correction was also expected.
GOLD CONTINUES UPWARDS
Meanwhile, gold price increased in local and global markets on Monday. According to market statistics, gold became more expensive by Rs. 5,900 per tola, reaching the price of Rs. 353100 per tola.
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Likewise, the price of 10 grams of gold increased by Rs. 5,058 to clock in at Rs. 30,2726.
In the global market too, gold prices showed an upward trend, becoming more expensive by $59 in the global market to $3,347 per ounce.
