Saturday August 27, 2022

PSX Weekly Review: Stock Market Ends in Red 

KARACHI: The Pakistan Stock Exchange (PSX) endured a relatively volatile week as the winning streak of the past three weeks came to an end. The equity market shed 679 points or 1.57% in the outgoing week and settled at 42,592 points as external woes and fast depleting foreign exchange reserves kept the benchmark index under pressure.

The week kicked off on a negative note as stocks came under massive selling pressure with over 400 points being wiped off on the first day of the rollover week as the market players refrained from taking fresh positions ahead of the monetary policy announcement.

The tables turned and the market posted gains on Tuesday following improved investor sentiments on the back of the State Bank of Pakistan’s (SBP) decision to maintain a status quo in the monetary policy rate for the next seven weeks. Moreover, Qatar’s announcement regarding its $3 billion assistance for Pakistan triggered an uptrend in the market.

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