- Web Desk
- 5 Hours ago
PSX maintains measured stance amidst economic pressures
- Web Desk
- Aug 25, 2023
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.
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.