KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) lost 1,916.46 points due to the extensive selling pressure that has taken over the PSX on Thursday.
The market opened at 45,369.14 points and by 12:45 pm had lost around 4.22 per cent points. Intermarket Securities’ head of equities Raza Jafri has highlighted that the major trade deficit in November has caused a decline in the market.
“However, it is important to keep in mind that authorities have already commenced macro-course correction while global commodities are coming down due to Omicron [variant of the coronavirus]. There may be an element of one-offs in November imports too and coming months may show better numbers,” he added.
Chief Executive Officer of AKY Securities Amin Yousuf said that Omicron-bound restrictions worldwide have affected stock markets globally as well as in Pakistan. Amin also attributed the increment in interest rate by 125 basis points by the State Bank of Pakistan (SBP) to the massacre at PSX.
On the other hand, the US dollar gained Rs1 at the interbank market, and has swelled to Rs176.30.