Stocks remained under pressure since opening, extending bearish momentum from previous session
KARACHI:
The Pakistan Stock Exchange (PSX) on Tuesday remained fragile, keeping the market under sustained bearish pressure during the ongoing session amid a visible rate-hike syndrome following the central bank’s tightening stance.
Stocks remained under pressure since the opening, extending the bearish momentum from the previous session in an overall quiet environment as the market was still trying to absorb the shock of the State Bank of Pakistan’s (SBP) decision to raise the policy rate by 100 basis points.
As of 1:09am, the benchmark Index stood at 168,337.56, registering a decline of 1,159.79 points (-0.68%). The market opened in negative territory and continued to trade in the red through the morning session, reflecting cautious investor behaviour.
Read More: PSX drops 1,174 points on rate hike anxiety
Early trading saw the Index touch an intraday high of 169,313.90, while slipping to a low of 168,170.74. Market participation remained active, with volumes reaching 341,059,243 shares, translating into a traded value of approximately 13.49 billion.
The ongoing sell-off is largely attributed to concerns over rising borrowing costs, which are expected to impact corporate earnings and dampen economic activity. Interest-sensitive sectors led the decline as investors reassessed their positions in light of tighter monetary conditions.
With trading still underway, market participants are closely monitoring further developments and institutional flows to gauge the session’s closing direction.
