KSE-100 witnesses marginal fluctuations

KARACHI: The Pakistan Stock exchange (PSX) opened in the green on Wednesday morning (today), but saw marginal gains at the outset.

After last night’s close of 48,585 points, the market was trading at around 48,599.20 points at 9:34AM. The benchmark index KSE-100 hovers at a marginal increase of 33.45 points or 0.07 per cent.

However, by 10:03AM, the market saw a decline and was hovering around 48,489.16 points. The index witnessed a decrease of 76.59 points or 0.16 per cent.

These market fluctuations, mirroring those of yesterday’s opening, indicate the continued caution of traders. With the interim cabinet still to be announced, and a host of other factors creating uncertainty about the country’s economic prospects, the sense of instability is reflected in the PSX.

PSX marginal increase after Independence Day

Notably, it was revealed that the power sector circular debt jumped to Rs2.31 trillion by the end of June 2023. Revenue gains from a massive increase in electricity prices were lost to the inefficiencies, theft and losses faced by power distribution companies.

Despite earlier talks to resolve Pakistan’s circular debt issue, this information is likely to cast doubt on progress. Official statistics showed that during fiscal year 2022-23, which ended in June, the Pakistan Democratic Movement government failed to bring about any improvement in the “acute” power sector situation.

Circular debt surges to Rs2.31 tr