In Karachi’s stock market, there was a significant drop of 54 billion rupees in market capitalization due to concerns about a potential increase in interest rates.
The Pakistan Stock Exchange experienced a bearish trend on Tuesday, primarily driven by the news of the IMF rejecting a proposed revolving credit scheme for the gas sector and apprehensions regarding an impending interest rate hike in the upcoming monetary policy announcement. Consequently, the market index dipped from 45,600 points to as low as 45,700 and 45,800 points at different stages of the trading session.
Moreover, the market downturn resulted in a 67% decline in share prices, causing investors to incur losses amounting to approximately 54 billion, 19 crore, 4 lakh, 68 thousand, 469 rupees. Initially, there was a 37-point increase attributed to the weakening of the dollar, which spurred buying activity during early trading. However, a prevailing tendency among traders to seek quick profits led to a reversal of this rally, resulting in a substantial 398-point decline. Ultimately, the KSE 100 index concluded the day with a loss of 357.33 points, closing at 45,508.40 points.
