Stock market continues downturn amid budget concerns

KARACHI: The stock market continued its downturn for a third consecutive session on Wednesday as nervous investors opted to take profits amid concerns about stringent budgetary measures. Today (Thursday), the index opens amidst continued influences of upcoming budget and central bank’s potentially conservative policy.

The market fell sharply amid ongoing rumours of higher capital market tax measures in the budget for 2024-25 and uncertainty over the State Bank of Pakistan’s (SBP) policy rate stance.

PSX continues downward trend, closes 447 points lower

Yesterday, the benchmark KSE 100 index experienced significant volatility, reaching an intraday high of 74,758.11 points and a low of 74,136.52 points.

Ultimately, the benchmark KSE 100 index settled at 74,219.44 points, marking a loss of 447.22 points or 0.60 per cent on a day-on-day basis. This continued decline reflects investor apprehension as they brace for potential fiscal tightening and its implications for the market.