After a week of uncertainty, bearish sentiment returned to the trading floor of the Pakistan Stock Exchange (PSX) on Monday as shared opened the week in the red.
According to the PSX website, the benchmark index declined by 598.09 points at 12:37pm to stand at 65,531.93 points, down 0.9 per cent from the previous close of 66,130.02.
The stock market observed a roller coaster ride in the outgoing week, closing at 66,130 points after declining by 94 points or 0.14pc from a week ago.
According to analysts, anxiety over the strained rupee position amid rising demand and poor inflows of dollars has increased. The dwindling inflows are set against the backdrop of import expenditures that are twice as high as exports.
Speaking to Dawn.com today, Raza Jafri, head of equities at Intermarket Securities, said Pakistan was entering a “critical phase” in the next few months where it would have to navigate elections and enter the successor International Monetary Fund programme in a “timely manner”.
“We remain positive across 2024, but there can be nervous days in the near term, especially given the market’s quick run-up in the last few months,” he said.
More to follow
