Pakistan Stock Exchange faces biggest setback of the year 2022
*Uncertainty over inflows from the International Monetary Fund (IMF), rising domestic political noise, and a bearish run in regional stock markets combined to take a a toll on investor-sentiment as the benchmark KSE-100 Index suffered its biggest fall – in terms of percentage – of 2022 after a 3.23% decrease on Monday.*
At close, the benchmark index settled at 43,393.14, a decrease of 1,447.67 or 3.23% and its fifth-successive finish in the red. This is the biggest single-day drop for the KSE-100 since December 2, 2021 when the market plummeted 4.71%.
Stocks across the board witnessed selling pressure with the benchmark index hitting a low of 43,315, a fall of 1,525 points or 3.4%, in intra-day trading. Index-heavy cement, banks, autos as well as oil stocks took a hit.
Last week, the stock market witnessed only one trading session on Friday as the market remained closed from Monday to Thursday on account of Eid-ul-Fitr. However, during this single session, the stock market remained in the grip of a bearish trend as well.