PSX opens in the red

KARACHI: The Pakistan Stock exchange (PSX) opened in the red this morning. The benchmark KSE-100 index fell by 185.25 points or 0.38 per cent as trading began.

After last night’s close of 48,146.44 points, the market was hovering at 47,961.18 points as of 9:32AM.

For the past few trading days, the market has seen a series of shaky openings, with choppy fluctuations throughout the day.

A massive 15 per cent hike in petrol rates and the high inflation outlook has dimmed positive sentiments at the PSX. The country is also facing an ongoing circular debt issue amounting to Rs2.31 trillion.

See: Fares hike following petroleum price surge

In addition to this, despite the new caretaker premier’s vows to continue the outgoing government’s economic policies, which secured the Stand-by Arrangement with the International Monetary Fund and brought in loans from friendly countries including UAE and Saudi Arabia, uncertainties still dominate the interim set-up.