• The Pakistan Stock Exchange (PSX) witnessed a range-bound session on Wednesday.
• The index closed at 40,619.94 points, down 53.12 points, or 0.13 per cent.
• The International Monetary Fund’s (IMF) revised growth to 2 per cent for FY23.

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a range-bound session on Wednesday.

The market opened in the green zone and traded within the same range, as the investors’ participation remained sluggish due to the continuous depreciation of the rupee against the dollar, causing the benchmark KSE-100 Index to close the trading day in the red zone.
The index closed at 40,619.94 points, down 53.12 points, or 0.13 per cent.

Ahsan Mehanti at Arif Habib Limited said that the stocks closed lower, amid pressure in selective scrips on weaker rupee, Fitch ratings projections on the rupee weakening and the dismal data on the Consumer Price Index (CPI) inflation that stood at 27.5 per cent in January 2023.

“The International Monetary Fund’s (IMF) revised growth to 2 per cent for FY23, concerns over the circular debt crisis and uncertainty over the outcome of the Pakistan-IMF ninth review mission talks, amid Rs2 trillion fiscal gap played a catalytic role in the bearish close.”

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