PSX experiences fresh slide of 675, touches 4818

Pakistan Stock Exchange (PSX) was on the losing side on Tuesday because of recent wave of selling pressure in investment and trading stocks.

Pakistan Stock Market index recorded a fresh decline of 675 points to 4818 points.

On November 6, equities recorded tremendous jolt on the opening day of the new week ending the eight sessions gain as the hopes of investors received a setback owing to the joint statement of Pakistan and China did not highlight the much talked about package of around $6 billion.

The capital market opened on a negative note and immediately after half an hour trading received heavy tremor, and index at one point saw slide of more than 800 points where 100 index reached the low of 41033 points.

Meanwhile, the Securities and Exchange Commission of Pakistan has initiated legal proceedings against M/s Gold Transmit Network Technology (Pvt) Limited, and M/s Green Apple Super Market (Pvt) Limited of PSX in Companies Act, 2017.

The companies have been found involved in unauthorized activities and offering Ponzi business/schemes in Pakistan to deprive the unsuspecting public of their hard-earned money who fall prey to the incentives and hefty profits offered by them.

The Commission has warned the people not to be misled by fraudulent activities, Ponzi/Pyramid/multilevel marketing schemes launched by the companies through advertising in the electronic and print media, websites, emails, and mobile text messages.