Intra-day update: KSE-100 down over 850 points
Negativity persisted at the Pakistan Stock Exchange, as the benchmark KSE-100 Index fell below the 47,000 level during intra-day trading on Monday.
At 1:50pm, the benchmark index was hovering at 46,625.92 level, a decrease of 852.69 or 1.8%.
On Monday, KSE-100 Index closed lower by nearly 200 points, weighed down by collective pessimism over rupee’s record fall and lack of positive triggers.
On Tuesday, across-the-board selling was witnessed, with index-heavy sectors including automobile assemblers, chemical, cement, commercial banks, oil and gas exploration companies, OMCs, and refinery sector trading in the red zone.
Experts said negative economic indicators are playing on the minds of investors, leading to the bearish sentiment in the market.
“The stock market has been under pressure for last few sessions, owing to a number of factors,” Fahad Rauf, Head of Research at Ismail Iqbal Securities Limited, told Business Recorder.
The expert said market participants are concerned over the recent public protests against exorbitant electricity bills. “This may lead to recovery issue for power distribution companies.”
“Additionally, inflation rate is expected to be higher this month, while the exchange rate is also not stabilizing. The market is projecting another policy rate hike in the upcoming Monetary Policy Committee (MPC) meeting,” he added.
