PSX market value declines 14-year-low: Rich are getting poorer2 min read
The rich are getting poorer in the stock investment,” said Mohammad Sohail. The market capitalization is 14-year-low of $23 billion from $100 billion in 2017
KARACHI: Pakistan Stock Exchange (PSX) market value is now at 14-year low of $23 billion compared to $100 billion in 2017. Pakistan needs political stability and International Monetary Fund (IMF) led economic reforms, peace and debt restructuring.
The Pak rupee in last three trading sessions has been depreciated by over Rs 38 in the interbank market. Meanwhile, the government had increased Petrol and Diesel prices by Rs 35 each and more to be increase tomorrow on January 31.
Pakistan stock market plunged 579 points on first days of the week on Monday owing to the negative sentiments prevails after a suicide blast in Pehawar’s Police Line blast in which 32 policemen and civilians martyred while 147 were injured.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 39,871 points from last Friday’s closing of 39,871 points, showing a decline of 579 points.
“The rich are getting poorer in the stock investment,” said Mohammad Sohail. The market capitalization at the stock market is at 14-year low of $23 billion from $100 billion in 2017, he added.
Pakistan needs political stability, IMF led economic reforms and peace and debt restructuring.
The benchmark KSE-100 index opened in the green zone, but expectation of higher inflation in the coming months as well as prevailing economic instability and news of blast in Peshawar plunged the index down to an intraday low of 606.14 points and concluded in the red zone.
Investors’ participation remained low and closed in red zone at the end of the trading day. Volumes, on the other hand, remained healthy across the board.
Sectors contributing to the performance include Commercial Banks (-141.6 points), Miscellaneous (-84.7 points), Fertilizer (-82.5 points), Technology & Communication (-72.4 points), and Cement (-67.3 points).
Volumes decreased from 191.3 million shares to 140.5 million shares (-26.6 per cent DoD). The average traded value also decreased by 25.3 per cent to USD 20.2 million as against USD 27.1 million.
Stocks that contributed significantly to the volumes are. PRL, CNERGY, EPCL, PPL & OGDC.