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Pakistan Stock Exchange (PSX) continued bearish trend for third consecutive trading day on Wednesday as the benchmark KSE-100 Index dropped 93.12 points with a negative change of 0.08% in a volatile session.
The KSE-100 Index closed at 114,084.53 points against 114,177.65 points on the previous session.
In the morning the market opened in green and gained over 450 points to reached 114,661.88 points, however due to the selling pressure the market could not maintain the bullish trend and fall in to red and reached as low as 114,001.50 points.
During the volatile session, 128,435,379 shares were traded with a total value of Rs.14.832 billion.
As many as 432 companies transacted their shares in the stock market, 159 of them recorded gains and 213 sustained losses, whereas the share price of 60 companies remained unchanged.
Meanwhile, In a major development on the banking front, global rating agency Moody’s has improved Pakistan’s banking outlook from stable to positive.
“We have changed our outlook on Pakistan’s banking system to positive from stable to reflect the banks’ resilient financial performance as well as improving macroeconomic conditions from very weak levels a year ago,” read the statement.
“The positive outlook on the sector also mirrors the Government of Pakistan’s (Caa2 positive) positive outlook, with Pakistani banks having significant exposure to the sovereign through their large holdings of government securities, which account for around half of total banking assets. “However, Pakistan’s long-term debt sustainability remains a key risk, with its still very weak fiscal position, high liquidity and external vulnerability risks,” it noted.
