KARACHI: Bears continued maintaining firm grip on the Pakistan Stock Exchange (PSX) Thursday as the benchmark index tanked nearly 4 percent amid fears over the worsening economic condition in the country.
Fears of a looming economic turmoil led the investors to offload shares as they reacted with panic to the rising rupee-dollar parity. The KSE-100 index plummeted from the moment trading began and dived more than 1,700 points to fall below the 45,000 mark. Weak investor sentiment is barring the index from entering positive territory.
The PSX was at 44,475.06 after falling 1,769.49 points or 3.83 percent at 02:54pm compared to yesterday’s close of 46,244.55 points.
According to Intermarket Securities’ Head of Equity, Raza Jafri the KSE-100 is facing severe selling pressure as there is a lack of confidence emanating from the weak economy.
Capital market expert Saad Ali said that PSX remains under pressure as the incessant rupee slide has worsened the outlook for inflation.
He noted that the financial market is also watching the public protests over electricity tariff hikes.
