Stock market opens with mixed expectations

KARACHI: On the first trading day of the week (Monday), the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index fell by 0.61 per cent, shedding 465.55 points to close at 75,517.48 points.

PSX ends day 0.61 per cent lower

Today (Wednesday), the stock market opens after Yaum-e-Takbeer holiday and a report from the International Monetary Fund (IMF) projecting hike in the country’s trade deficit. This might cause erosion of investor confidence today.

At the same time, however, heartening economic indicators like lower inflation and steady increase in exports (like onion) are offering positive impetus to the market sentiment as well.

On Monday, the index experienced an intraday high of 76,187.44 and a low of 75,485.62 points. The downward pressures came from sectors like fertilizer, E&P, cement, power sector and commercial banks.

Pakistan’s onion exports surpass $210 million

Alternatively, the Technology & Communication sector, Leather & Tanneries, and Tobacco provided support to the index.