PSX continues bearish trend, losses 356 points

KARACHI: On the fourth business day of the week, the Pakistan Stock Exchange (PSX) on Thursday maintained its bearish trend, with the 100-index closed at 73,862 points, reflecting a decrease of 356 points, ARY News reported.

During the intraday session, the 100-index experienced a negative trend with a high recorded at 74,593.32 points while the lowest was recorded at 73,768.39 points before settling at 73,862 points.

Throughout the day, a total of 449 companies’ shares were traded. Among these, the share prices of 134 companies increased, while those of 248 companies decreased.

The market saw more than 352,738,992 shares transacted, with a total trading valuing Rs 12.312 billion.

It is pertinent to mention here that the federal budget 2024-25 is likely to be presented on June 12, it emerged today.

Interestingly, it is also unusual that the budget strategy paper (BSP) for the next fiscal year has not yet been ‘shared’ with parliament, though it is more because of political uncertainties emanating from the legal status of reserved seats and because of the absence of standing committees of the Senate and the National Assembly, particularly those related to finance.

The budget 2024-25 which was earlier scheduled to be presented on June 10 is now likely to be presented on June 12.

The Pakistan Economic Survey 2023-24 will be presented on June 11 after a meeting of the council on June 10, the sources said. The federal budget 2024-25 will likely get approval from the Senate by June 26.