Wednesday November 03, 2021

Bearish Trend At PSX

KARACHI: Profit-booking marred trading at the Pakistan Stock Exchange (PSX) on Wednesday and erased 80 points from the benchmark KSE-100 index in a range-bound session.

Expectations of a further increase in policy rate by the State Bank of Pakistan (SBP) in its monetary policy announcement, due later this month, caused selling pressure as the bourse snapped a five-day bull run.

With the jump in international coal prices, cement companies’ stocks took a battering as investors expected an increase in input cost of cement plants. A fresh recovery of the rupee against the US dollar failed to propel the index higher.

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