PSX dives 284 points

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Pakistan Stock Exchange (PSX) remained bearish for the third consecutive day on Thursday, with the benchmark KSE-100 Index shedding -283.89 points (-0.62 percent) to close at 45,249.41 points.

The market opened on a negative note and remained in red territory throughout the session, as investors preferred selling in the last trading session before Eid-ul-Fitr. The PSX will remain closed from Friday (April 29) till May 5 (Thursday) on account of Eid holidays and will reopen on May 6 (Friday).

The market also witnessed selling pressure due to 22-year high cut-off yields, increasing by up to 129 basis points in the auction conducted by the State Bank of Pakistan (SBP) on Wednesday which has created the room for the next rate hike in the upcoming Monetary Policy Committee meeting.

Moreover, the investors remained cautious on rumours that Pakistan has decided to seek an additional package of $3.2 billion from Saudi Arabia for jacking up the total facility to $7.4 billion. TLTP

 

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