PSX tumbles for third consecutive day, loses 930 points thumbnail

PSX tumbles for third consecutive day, loses 930 points

A bearish trend gripped the Pakistan Stock Exchange for a third consecutive day on Wednesday. It lost 673.98 points off the KSE-100 index and the market closed at 44,833.44 points. 

Of the 360 companies traded, the share price of 289 ended in the negative, resulting in a cumulative loss of market capitalization of Rs99.97 billion. Shares of 60 scripts gained value and 15 remained unchanged.

Broker experts have pegged the bearish trend over the uncertainty on a loan review by the International Monetary Fund (IMF). However, the review date has been announced and a meeting of the Executive Board is set for January 28.

The board will
approve a $1 billion loan tranche for Pakistan if it finds that steps such as the
passage of the mini-budget and a bill to grant more autonomy to the State Bank
of Pakistan are satisfactory.

On the third
day of the trading week, the KSE-100 Index shed as much as 930 points.

According to a financial expert, Khurram Shehzad, the investors are being cautious given high oil prices in the global market which could impact the widening trade and current account deficit. Talking to SAMAA Digital, he said the market will remain volatile until a final decision comes out.

Topline
Securities in its daily market review said it was a directionless day for
equities and the benchmark index moved in the band of 289 points. The recent
rise in global oil prices kept the market performance in check.

Meanwhile, Arif Habib Securities is expecting the trend to stay in the market amid high oil prices and the spike in the Covid cases.

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