Stock Market Closes at Negative Nod

Muhammad Haris

Pakistan Stock Exchange closed on a negative nod owing to political hustle and bustle and uncertainty over interest rate announcements.

PSX fell 369 points or 0.57% to close at 64269 points. The index made a high of 65173 points and a low of 64150 points.

Ahsan Mehanti from Arif Habib said that stocks closed bearish amid pre-poll uncertainty and concerns over the outcome of ongoing senate resolutions to postpone general elections due next month.How to invest in the Stock Market for Beginners

He said that Political noise, geo-political uncertainty, and uncertainty over the SBP policy announcement this month amid high inflation played a catalyst role in the bearish close.

On the Forex market the dollar at interbank continued its downward journey. The dollar at the interbank closed at 280.24, falling by 12 paisa while at the open market, it remained unchanged at Rs 282.

Analysts expect with the arrival of funds from the IMF amounting to $700 million and the unlocking of funds from bilateral countries there is room for more appreciation in domestic currency. At the bullion market, gold price rose by Rs 450 to Rs 217,900 per tola