Business

Negative trading day on Pakistan Stock Exchange

The Pakistan Stock Exchange (PSX) came under selling pressure on Thursday as investors took cue from the dismal corporate earning announcements, which dented investors sentiment.

Moreover, rising petroleum product prices and widening trade deficit sparked fears of increase in inflation in the country in the wake of rise in expensive imports.

The benchmark KSE-100 index spent most of the day in the red zone and ended with a drop of nearly 250 points.

Pakistan equities commenced the day on a negative note in the backdrop of below expectation corporate announcement. Initially, Engro Corporation announced the earnings for CY21 where company announced Re1 payout against the street expectation of Rs4-5.

Moreover, the news flow regarding resumption in Russia-Ukraine tension further deteriorated investors’ sentiment which triggered selling across the board.

At the close, the benchmark KSE-100 index sheds 243.70 points, or 0.53%, to settle at 45,441.10 points.

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