Stock market slips 350 points after yesterday’s hike

KARACHI: Pakistan Stock Exchange (PSX) experienced a significant surge on the final day of the outgoing week surpassing the 76,000 mark for the first time in history.

On Friday, the investor sentiment soared following positive developments regarding the International Monetary Fund (IMF) and the United Arab Emirates (UAE).

However, today (Monday), the index slipped over 350 points after posting 200 points gain early morning. Less than an hour into trading, the KSE-100 index was seen hovering around 76,187.44 points, which soon plunged down. By 11 AM, the index has fallen to 75,624.32 points with stocks like K-Electric, World Telecom Limited and Symmetry group leading the downfall.

PSX closes week in green with 868-point gain

On Friday. at the close of the trading session, the benchmark KSE-100 index stood at 75,983.03 points, marking an increase of 868.56 points. Today (Monday), the index opens at Friday’s closing level, buoyed by hopes of continued improvement in investor sentiment, lending strength to the market. But the positive sentiment proved short-lived.

However, there are still hopes of the market bouncing back with the next fiscal year’s budget on the horizon, and positive expectations regarding inflation, foreign direct investment (FDI), and the State Bank of Pakistan’s (SBP) policy rate. These factors are likely to sustain investor optimism.

SBP to introduce QR code payment system for cattle markets

The unprecedented rise witnessed last week reflects renewed investor confidence, driven by the anticipation of economic stability and potential growth. This sentiment is bolstered by the International Monetary Fund’s (IMF) involvement and supportive measures from the UAE.