PSX records 1.12% drop as investors take profits

KARACHI: Pakistan’s stock market closed lower on Tuesday, as investors booked profits amid a lack of positive triggers and rising political uncertainty.

The benchmark KSE 100-index of the Pakistan Stock Exchange (PSX) ended down 525 points, or 1.12%, at 46,244 points, after hitting an intra-day high of 46,769 points and a low of 46,144 points.

The economic and political landscape in Pakistan has been shrouded in uncertainty, casting a shadow over the stock market’s performance.

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The prevailing volatility is further exacerbated by the consistent erosion of foreign exchange reserves and the ongoing depreciation of the Pakistani rupee on the international market.

These cumulative factors have generated an environment that is far from conducive to fostering investor confidence.