Bears rule PSX for second straight day as 100-index down by 311 points
- By Anjum Wahab -
- Dec 03, 2021
KARACHI: Pakistan Stock Exchange (PSX) could not recover the trust of the investors as the benchmark index lost 311 points at the start of the last business day of the week, ARY News reported.
According to details, the KSE 100-index lost 311 points on the initial trading and failed to keep the level of 43,000 points.
According to the market experts, widening of trade deficit is the reason behind the plunge, saying it will keep the rupee under pressure and lead to “aggressive” increases in the interest rate.
It may be noted that the trade deficit for the month of November was recorded at $5.1 billion, the highest-ever in the country’s history.
Read more: Foreign reserves decline by US$ 244 million: SBP
Yesterday, Pakistan equities witnessed a major bloodbath during Thursday’s session where benchmark KSE100 Index settled at 43,234 level (down 4.71%).
The PSX had opened on a negative note making an intraday low of 2,282 points as investors were concerned over multiple things like soaring trade deficit and higher than expected secondary market yields.
Sectorwise, Cement, technology, E&PS and fertilizers were major laggards in the trading session.