PSX get off to a bad start this week

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PSX get off to a bad start this week

The Pakistan Stock Exchange (PSX) started the week on Monday with a decline of more than 200 points in the benchmark KSE-100 index.

The market reacted negatively to the announcement that the $ 6 billion International Monetary Fund (IMF) program would be delayed.

Furthermore, the continued depreciation of the rupee against the US dollar, a sharp rise in petrol prices, and weak economic data led to a downward trend.

Finally, the benchmark KSE-100 index fell 192.08 points, or 0.43 percent, to 44,629.45.

According to a report by Topline Securities, “Delays in IMF negotiations for the resumption of the EFF have led to a rise in fuel prices, which has hurt investor sentiment.”

“However, as world oil prices hit their highest level in years, with Brent trading at $ 85.97 a barrel at the time of writing, the research and production industry has seen renewed investor interest.”

According to the report, the commercial banking sector witnessed strong buying throughout the day as investors prepared to raise interest rates in the near future due to high inflation forecasts.

Shares of 330 listed companies were traded during the session. At the end of the day, 110 stocks rose, 209 declined, and 11 remained unchanged.

With 25.1 million shares traded, the volume leader rose by Rs 0.18 to close at Rs 6.14. World Call Telecom came in second with 20.8 million shares, down Rs 0.11 to Rs 2.28, while Haskol Petroleum came in third with 13.8 million shares, ranging from Rs 0.29 to Rs 5.54.

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