PSX witnesses bearish trend, loses 755 points
Business
A total of 481,813,460 shares were traded during the day
KARACHI (Dunya News) – The 100-Index of the Pakistan Stock Exchange (PSX) witnessed a bearish trend on Wednesday, losing 755.40 points, a negative change of 0.65 percent, closing at 116,020.11 points as compared to 116,775.50 points on the last trading day.
A total of 481,813,460 shares were traded during the day as compared to 479,465,114 shares the previous trading day, whereas the price of shares stood at Rs38.536 billion against Rs30.449 billion on the last trading day.
As many as 451 companies transacted their shares in the stock market, 140 of them recorded gains and 260 sustained losses, whereas the share price of 51 companies remained unchanged.
Volatility continued in the PSX throughout the last week as the world was in the grip of heightened uncertainty sparked by tariff announcements by US President Donald Trump. Later, Trump announced 90-day reprieve, which paved the way for stocks’ recovery the world over.
Confidence of investors boosted in Pakistan after respite in tariffs announced by the US president, Prime Minister Shehbaz Sharif’s successful visit to Belarus and surge in remittances and other positive indicators announced by State Bank of Pakistan Governor Jameel Ahmad.
On Tuesday, global agency Fitch upgraded Pakistan’s foreign currency credit rating to ‘B-’ from ‘CCC+’ while citing increased confidence in the country’s progress in narrowing its budget deficits.
The upgrade also reflects confidence that the country would implement structural reforms, supporting its International Monetary Fund (IMF) programme performance and funding availability, Fitch said.
