Bloodbath at PSX as KSE-100 index plummets over 2,000 points
KARACHI – Pakistan Stock Exchange (PSX) Thursday witnessed a bloodbath session as series of outrageous economic indicators, including widening trade deficit, shattered sentiments of investors.
The benchmark KSE-100 index dropped by 2,134 points or 4.71 percent, showing worst performance since March 2020 when it fell by over 6%. The market closed at 43,234 points after the massive bearish trend.
Cements sectors faced heavy blows due to massive selling pressure, with Lucky, Maple Leaf, DG Khan and Cherat Cement all closing at lower circut. Of the 366 scrips traded in the day, 335 faced losses.
Arif Habib Limited in its analysis held trade deficit of $5.1 billion in November, and expected hike in interest rate in the upcoming policy rate responsible for the carnage at PSX.
“We expect the market to remain volatile and recommend cautious approach,” the company said in a statement.
PML-N President Shehbaz Sharif held PTI government responsible for stock market crash, saying it all happened due to poor economic policies of the government.
He recalled that PML-N had warned the government that widening trade deficit and higher policy rate will damage the economy.
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