PSX closing update: KSE-100 declines by 419 points

KARACHI: Despite a small and steady gain at the onset of trading, the Pakistan Stock Exchange (PSX) benchmark index KSE-100 witnessed a decline throughout the day.

After an initial increase to 48,503 points in the first five minutes and a peak of 48,609 points at around 11:37AM, the index began to decline. It reached its lowest at 47,678 points about an hour before closing, before slightly picking up again.

Overall, the KSE-100 sunk by 419.26 points, or 0.87 per cent. The day closed at 47,808.34 points, compared to last night’s close of 48,227.60 points.

The relatively tame trading day saw a total of 163,985 trades.

PSX morning update: KSE-100 sees gain

The Pakistani rupee continues to remain settled at 287.5 against the US dollar in the interbank, according to forex.com.

According to Business Recorder, the US dollar is benefiting from “safe-haven demand” in light of an ongoing run of poor economic data from China, as the narrative continues to build for a US economy  soft landing, as price pressures mitigate.

China tips into deflation as efforts to stoke recovery falter