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The Pakistan Stock Exchange (PSX) has experienced persistent downwardpressure for the fifth consecutive session, as the benchmark KSE-100 indexendured a significant decline of more than 1200 points on Thursday.
Continuing its bearish trajectory, the KSE-100 index witnessed asubstantial drop of 1242 points, settling at 45,002. This marked aconsiderable decrease from its previous day’s closing value of 46,244.55.
Experts in the field of economics attribute the decline in the KSE to alack of clarity surrounding both political and economic matters.
The market is grappling with heightened selling pressure, primarily drivenby the prevailing economic uncertainty and the persistent devaluation ofthe national currency, the rupee.
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Analyst Ahsan Mehanti noted, “The bearish closure was significantlyinfluenced by statements from the interim finance minister, who indicatedlimited fiscal capacity to provide relief on electricity bills andexpressed concerns about the unresolved circular debt crisis within thepower sector.”
It’s pertinent to highlight that the market witnessed a sharp downturn whenrumors emerged regarding an impending emergency meeting by the State Bankof Pakistan. Speculations suggested that the meeting might result in aninterest rate hike of up to 300 basis points.
