Stock market continues to decline

KARACHI: The Pakistan Stock Exchange (PSX) slipped down 741.82 points closing at 77,886.98 points on Wednesday. Thursday (today) morning brought a little respite for the benchmark KSE-100 index posting minor gains after opening.

However, quick minor gains have been the trend throughout this week’s early morning, only to turn red as trading progresses. The index had grown nearly 257 points, minutes into trading.

On Monday the State Bank of Pakistan (SBP) announced 100 basis points decrease in interest rates, down from 20.5 per cent to 19.5 per cent. That led to some momentary improvement in the index. On Tuesday, as well the index showed positivity earlier in the day, but then turned red.

At 9:45 AM, the position of the stock market looked like this: