Bearish mood returned to the Pakistan Stock Exchange (PSX) trading floor on Monday following a week of unpredictability, as shares began the week lower.
The benchmark index fell by 598.09 points at 12:37 p.m. to settle at 65,531.93 points, down 0.9% from the previous close of 66,130.02 points, according to the PSX website.
Worldcall Telecom Limited, K-Electric Limited, Cnergyico PK Limited, Hascol Petroleum Limited, and The Bank of Punjab were among the top-performing stocks.
The stock market saw a wild ride last week, ending at 66,130 points after dropping 94 points, or 0.14 percent, from the previous week.
Analysts claim that concerns about the weak rupee in the face of weak dollar inflows and rising demand have intensified. The declining inflows are occurring in the context of twice as much being spent on imports as on exports.
Raza Jafri, head of Intermarket Securities’ equities division, told Dawn.com today that Pakistan would soon be entering a “critical phase” in which it would need to manage elections and join the successor International Monetary Fund program “timely.”
“We still have optimism for 2024, but given the market’s recent sharp rise, there may be anxious moments in the near future,” he stated.