KARACHI: The Pakistan Stock Exchange (PSX) closed in the red for the third day in a row on Tuesday, with the benchmark KSE-100 index down over 160 points.
Investor confidence was destroyed as a result of delays in an International Monetary Fund (IMF) decision on Pakistan’s loan programme and the rupee’s depreciation versus the US dollar. The market’s collapse was worsened by widespread anxiety about the economy’s revival.
Furthermore, claims that inflation hit its greatest level in 70 years during the PTI government’s three-year mandate, with food prices tripling, fueled the downward trend.
Furthermore, claims that inflation hit its greatest level in 70 years during the PTI government’s three-year mandate, with food prices tripling, fueled the downward trend.
A slew of financial reports released during the day failed to impress market participants, who held off on establishing new positions.Stocks in the technology, exploration and production, and banking sectors stayed in the negative throughout the day.
The benchmark hit a new high of 45,516.77 points but couldn’t keep the positive momentum going. During intraday trading, it fell to a low of 45,213.62 points.
As investors anticipated company earnings for the year ending June 30, 2021, the KSE-100 index fluctuated between red and green zones.
By the end of today’s session, the index had dropped 0.36 percent to 45,255.97 points.
According to Topline Securities, the PSX saw another lacklustre day, with the market experiencing range-bound activity.