Rising dollar concerns push KSE-100 index below 42,000 mark
Market observes a negative session due to continuous rise of US dollar against local currency
- Benchmark KSE-100 index sheds over 350 points.
- Market opens upwards but soon enters in red zone.
- Market observes a negative session due to continuous rise of US dollar against local currency.
KARACHI: The bears staged a comeback at the Pakistan Stock Exchange (PSX) market on Monday as the benchmark KSE-100 index experienced another round of battering and shed over 350 points.
The benchmark KSE-100 index opened upwards but it soon entered the red zone and started losing ground throughout the day.
Moreover, the continuous depreciation of the Pakistani rupee against the US dollar impacted the investment climate negatively.
At close, the benchmark KSE-100 index closed at 41,776.98 points with a loss of 363.78 points or 0.86%.
According toArif Habib Limited, the marketobserved a negative session today as the US dollar continued its flight against the Pakistani rupee.
"Investors’ participation lingered in the lacklustre zone over concerns of the resumption of the International Monetary Fund (IMF) programme. Volumes remained dry on the main board whereas hefty volumes were witnessed in the third tier stocks,"the brokerage house stated.
Sectors contributing to the performance include cement (-70.7 points), technology (-62.7 points), power (-50.7 points), banks (-37.1 points) and exploration and production (-32.9 points).