The Pakistan Stock Exchange (PSX) experienced a bearish trend on the first trading day of the week, with the benchmark KSE-100 index declining by 910 points.
According to the PSX website, around 12:42 PM, the KSE-100 index fell to 80,381, marking a decrease of 910 points or 1.12%. However, by the end of the trading session, the index showed a slight recovery, closing at 81,114, which was down by 177 points or 0.22% from the previous day’s close of 81,292.
Owais Ashraf, Director of Research at AKD Securities, noted significant selling pressure in two key stocks, Hub Power and Mari Petroleum, which played a crucial role in dragging the index down. He expressed optimism that the approval of the IMF loan program would positively impact the economy, leading to greater stability in external accounts.
Shahab Farooq, Director of Research at Next Capital Limited, attributed the negative trend to the overall situation in the Middle East.
It’s noteworthy that on September 26, despite the approval of a $7 billion bailout package by the International Monetary Fund (IMF), initial trading at the stock exchange saw a reversal from an upward trend, resulting in a decrease of 589 points. Just the day before, the KSE-100 index had gained 764 points, successfully reclaiming the psychological level of 82,000.
