PSX maintains measured stance amidst economic pressures

KARACHI: After a notable ascent of 332.13 points on the preceding Thursday, the PSX experienced a decline of 61.95 points during the midday session on the final trading day of the week.

The day commenced with the benchmark KSE-100 index opening at 47,750.76 points, initially climbing by nearly 103 points. However, this positive momentum waned, and the index settled at 47,688.81 points by midday.

Market sentiment remained a blend of opposing forces. On the one hand, political uncertainty cast a shadow, dampening the outlook, while on the other, expectations of robust earnings provided a glimmer of positivity. This amalgamation of factors contributed to a generally subdued market performance.

Dollar shoots up to above Rs 300

The decline in the index’s performance could also be attributed to the Pakistani Rupee’s decrease in value against the US Dollar. Additionally, the recent report of a fall in the foreign exchange reserves by the State Bank of Pakistan (SBP) further influenced market dynamics.

The PSX’s rollercoaster ride over the week serves as a reminder of the multifaceted influences impacting the stock market. Investors and analysts alike are keeping a close watch on the ever-evolving economic and political landscape, which continues to shape the market’s trajectory.