PSX closing: KSE-100 sheds over 750 points

WEB DESK: The bears maintained their firm grip on the Pakistan Stock Exchange (PSX) during Wednesday’s trading session, as the benchmark KSE-100 index witnessed a significant decline of 753.26 points, or 1.16 per cent, settling at 64,048.44 by the day’s end.

This follows a previous drop of 953.60 points, or 1.45 per cent, recorded in the index’s performance yesterday.

PSX closing March 13, 2024

Throughout today’s trading hours, the index fluctuated within a range of 1,186.86 points, hitting an intraday high of 65,043.38 (+241.67) and a low of 63,856.51 (-945.19) points.

The total volume of shares traded for the KSE-100 index stood at 125.291 million shares.

A widespread sell-off was evident across the market, with a majority of stocks experiencing declines.

Among the 100 index companies, 84 concluded the day in negative territory, while only 8 managed to close with gains. Two stocks remained unchanged, and six were left untraded.

Meanwhile, concerns loom over the upcoming economic review discussions by the International Monetary Fund (IMF) mission scheduled to commence on March 14.

These discussions mark the final review of the Stand-By Arrangement (SBA), prompting apprehensions about the potential implementation of stringent measures by the IMF.

Additionally, market sentiment regarding a possible rate cut has likely diminished, further contributing to the prevailing unease.

For the first time in months, experts hold differing opinions on the appropriate course of action for the State Bank of Pakistan in the forthcoming meeting.