KARACHI – The Pakistan Stock Exchange (PSX) bled profusely on Thursday as the KSE-100 index fell by massive 2134.99 points to close at 43,234 points as a hike in the policy rate and current account deficit fuelled negative sentiments among investors.
The market started witnessing a decline after it opened at 45,369.14 points, with the benchmark KSE-100 index dropping by 4.71 percent.
On a DoD basis, it displayed the worst performance since March 24, 2020 (-6.86% DoD). It is the fourth largest decline (2,135pts) ever.
Experts are of the view that PSX witnessed a nosedive due to anticipation of all-time high imports of $8 billion in November 2021, adding that it could widen the current account deficit to an alarming level of $2.3-2.5 billion.
He highlighted that the cut-off yield on six-month T-bills surged to 11.5% on Wednesday’s auction compared to 10.1% in the previous auction which was held before the announcement of monetary policy by the State Bank of Pakistan (SBP).