Share prices take fresh plunge at Pakistan Stock Exchange
By News Desk
September 1, 2023 10:25 AM
No breather for the share prices at Pakistan Stock Exchange (PSX) as KSE-100 index took a fresh hit on Friday morning with stocks tumbling by 189 points, reported 24NewsHD TV channel.
The index, which has not yet recovered fully from Thursday’s bloodbath, was now trading at 44813.
Bears had tightened their grip on the PSX on Thursday as the benchmark index plummeted by around 1,250 points, or 2.7 percent, driven by concerns about the country’s faltering economy, rumours of an impending interest rate hike, and the persistent depreciation of the rupee. The index ended the day at 45002.
It was the year’s second-biggest one-day decline in the benchmark KSE-100 index in terms of points, with the largest drop seen on January 17 when the index lost 1,379 points.
Besides, the stock market fell 6.3pc (3,032 points) in August, logging the highest monthly decline since March 2020, just a month after the coronavirus pandemic struck the country.
Reporter Baseem Iftikhar