KSE-100 Index sheds over 850 points as power sector dues, weak rupee hit market hard
Last updated on: 29 August,2023 02:20 pm
Energy sector leading the slide
KARACHI (Web Desk) – The benchmark KSE-100 Index shed over 850 points as the Pakistan Stock Exchange slumped on Tuesday with factors like the power sector’s circular debt and the rupee growing weaker with each passing day affecting the market.
It is mainly due to the ongoing protests over the inflated electricity bills that is damaged the investors’ confidence as the recovery of power distribution companies’ dues is now even more difficult.
That’s why the slide is led by the energy sector, but the pressure is felt across the market including automobile, chemical, cement and commercial banks.
Meanwhile, no respite in inflation is also among the forces triggering panic as the continuation of this trend there can’t be any improvement in cost of production/ cost of doing business or increase in domestic consumption.
During the session, the KSE-100 Index has so far dipped to the lowest level of 46,598.23 with a high of 47,372.08, meaning that the market is now below the 46,000 mark.
On Monday, the KSE-100 Index had closed at 47,478.61.
It’s a developing story. Details to follow.