PSX on slippery slope; 284 points shed

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Pakistan Stock Exchange (PSX) remained bearish for the second day in a row on Wednesday, with the benchmark KSE-100 Index shedding -284.38 points (-0.62 percent) to close at 45,533.30 points.

The market opened on a positive note and the indices remained mostly in green territory for the first half of the session. Later, the bears took charge of the market, which lasted till the end of the session.

The market witnessed selling pressure as the yield in secondary market crossed 14 percent level, hinting at the policy rate hike in the next meeting and shift in asset allocation simultaneously.

The market also remained under pressure amid expected increase in prices of petroleum products and electricity tariff in the coming days, following an agreement with the International Monetary Fund in this regard. The removal of oil and electricity subsidies will raise inflation and overall cost of production. Moreover, the rollover week is also going on, which also prompts selling pressure.

The KSE-100 Index moved in a range of 475.87 points, showing an intraday high of 45,958.37 and a low of 45,482.50 points. Among other indices, the KSE All Share Index shed 116.27 points (-0.37 percent) to close at 31,000 points, while KMI All Share Islamic Index shed 106.61 points (-0.47 percent) to close at 22,458.44 points. A total of 347 companies traded shares in the stock exchange compared to 341 a day earlier.TLTP

 

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