February, 23, 2024
Pakistan Stock Exchange: Bearish Trends Amid Economic Shifts

Pakistan Stock Exchange: Bearish Trends Amid Economic Shifts

Infostani Sources- On Friday, the Pakistan Stock Exchange experienced a bearish trend attributed to uncertainties in the country’s political landscape, profit-taking sentiments, and panic selling of borrowed stocks as the calendar year came to a close. Following a 21-day hiatus, the index witnessed a decline, breaking the psychological level of 62,000 points. Approximately 64.20% of share prices plummeted, resulting in investors incurring losses totaling 1 trillion 24 billion 30 crore 2 lakh 16 thousand 438 rupees from the outset of business. Despite a subsequent increase of 302 points, experts assert that economic indicators remain positive, albeit dampened by shares offloaded by those capitalizing on the uptick.

Encouraging developments include a Singapore company’s $2.7 million investment in the Pakistani company Sehat Kahani, the government’s plan to generate Rs 114 billion through Islamic Sukuk bonds, and effective control over the current account deficit. However, concerns linger over the rupee’s depreciation against the dollar in both foreign exchange markets. The interbank dollar rate closed at Rs 282.52, marking a decrease of 26 paise. Simultaneously, in the open currency market, despite heightened demand from Umrah pilgrims, the dollar’s value diminished by 25 paise, settling at 284 rupees.

Pakistan Economic Recap: KSE 100 Decline, Foreign Investments, and Gold Surge

Pakistan Stock Exchange: Bearish Trends Amid Economic Shifts

The KSE 100 index concluded the day with a decline of 988.47 points, closing at 1705.09 by 6 points. Noteworthy foreign investments in four Pakistani companies this month and fresh loan agreements from international financial institutions aim to address the country’s financial challenges, mitigate the trade deficit, and maintain control over the current account deficit. In the local bullion markets, the price of 24-carat gold per tola surged by Rs 1,800 to reach Rs 219,800, while the price of gold per ten grams increased by Rs 1,543, reaching Rs 188,443.

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