Save Our Pak
The PSX market finished the day lower after investors took profits when the index had been up earlier, due to worries ahead of the budget and uncertainty on IMF reforms.
Worries about the budget are pushing investors to avoid markets for now and book their gains, according to Ahfaz Mustafa of Ismail Iqbal Securities.
- On the day, the KSE-100 Index closed at 119,153.04 points, losing 778.41 points or -0.65% over the previous day.
- The index was up 767.72 points to 120,699.17 at its highest point.
- The index dropped to its lowest point of the day at 119,062.03, a fall of 869.42 points or -0.72%.
The KSE-100 Index from the Pakistan Stock Exchange (PSX) closed at 119,153.04 points, down 778.41 points or -0.65%, from its previous close of 119,931.45.
The index was on track for its highest-ever intraday close of 120,699.17, ending that session with a 767.72 point gain or 0.64%. It later fell to 119,062.03, a loss of 869.42 points or -0.72%.
Soomro, independent investment and economic expert, said this is a continuation of last year’s rally after the Indo-Pak war ended. An increasing number of investors are putting their money into the market, making it still an attractive place.
When the IMF supports the government’s budget, it will likely boost growth sector shares and lead to another rise towards 150,000 in the next year.
With the news that Pakistan’s GDP crossed the $400 billion mark, investor confidence improved this week, as approved by the (NAC).
In the previous fiscal year, the economy was worth Rs105.1 trillion (or $372 billion), but it now stands at Rs114.7 trillion ($411 billion). The National Accounts Committee (NAC) has revised GDP growth for this year to 2.68%, down from the government’s expected 3.6%.
