KARACHI – The Pakistan Stock Exchange (PSX) witnessed sluggish session on Friday a day after bulls overpowered bears to gain over 1,100 points.
The KSE-100 index plummeted by 396 points to conclude the week with a mixed reaction at 40,450.53 points. The market opened in the red zone and traded in the same zone with sluggish activity throughout the first trading owing to the rupee-dollar parity and political instability.
However, after the second session resumed the bears took charge the index plunged down 440.97 points as investors opted to square-up their positions due to the rollover week, , according to an analysis issued by the Arif Habib Limited.
The volumes remained healthy as investors are optimist after Prime Minister Shehbaz hoped that an agreement with the International Monetary Fund (IMF) would be made this this month.
The downfall trend of Pakistani rupee also slowed on Friday after the announcement of the premier as the IMF team is expected to visit the South Asian country next week for ninth review to release next tranche of loan which is suspended since September 2022.
The rupee closed at 262.6 against dollar in the interbank market, witnessing a drop of 2.7% as compared to 9.61% slump on Thursday.
Gold price crosses Rs200,000 per tola mark as Pakistani rupee dips to historic low
