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PSX endures another day of selling pressure

PSX endures another day of selling pressure

PSX endures another day of selling pressure

PSX endures another day of selling pressure

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KARACHI: The Pakistan stocks endured another day of selling pressure after political uncertainty deepened in response to the news that the Punjab Assembly has been dissolved and the Khyber-Pakhtunkhwa Assembly will soon follow the suit, analysts said.

An analyst at Pearl Securities said the move by the opposition has put the ruling party in a considerably weaker position, which had undermined the current government’s ability to resolve the circular debt and reach an agreement with the International Monetary Fund (IMF) on the ninth review of the programme.

“Uncertainty was further compounded by the expectation of a hike in the policy rate in the upcoming monetary policy committee meeting scheduled to be held on January 23, 2023.”

The benchmark KSE-100 Index closed at 39,720.75 points, down 602.70 points, or 1.49 per cent. The All-share volume decreased 39 per cent to 106 million shares/day against 173 million shares traded on last Friday.

Ahsan Mehanti at Arif Habib Corporation said that the stocks fell across-the-board on political noise and concerns for the ongoing forex crisis.

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“Speculations ahead of the key policy rate announcement on January 23, dismal data on overseas workers remittances and uncertainty over the outcome of the Pakistan-IMF talks, amid political uncertainty played a catalytic role in the bearish close.”

Going forward, the analysts do not foresee upside potential of the benchmark KSE-100 Index to improve until stability and certainty can be established on the political, as well as economic fronts.

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KARACHI: A mixed session was witnessed at the Pakistan Stock Exchange (PSX)...

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