The Pakistan Stock Exchange (PSX) experienced significant fluctuations today, with the KSE-100 Index reflecting a volatile trading environment.
Initially, the market opened on a positive note, with the KSE-100 Index rising by 100 points, reaching 75,620 points. However, this upward momentum was short-lived, as the index later plummeted by 170 points, settling at 75,345 points.
The early optimism in the market could not be sustained, leading to a significant drop in the index. Analysts attribute this volatility to a combination of market speculation and external economic factors.
In parallel, the interbank market saw a slight devaluation of the US Dollar against the Pakistani Rupee. The dollar was sold at Rs278.20, reflecting a 10-paisa decrease. This devaluation comes amidst ongoing economic challenges and could further influence market trends in the coming days.
The market witnesses these trends as the International Monetary Fund (IMF) forecasts a significant increase in Pakistan's trade deficit for the coming financial year, highlighting challenges ahead for the country's economic stability. The Fund has estimated an increase in Pakistan's exports and imports in the new financial year.
According to IMF estimates, Pakistan's trade deficit is projected to rise by approximately $4.165 billion. Sources indicate that the overall trade deficit for the next financial year could surpass $27.92 billion, reflecting substantial growth in both exports and imports.
