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KARACHI: A bearish spell gripped the Pakistan Stock Exchange (PSX) as losses extended into a fifth consecutive session on Thursday amid directionless trading, with nervous investors trimming their positions due to an uncertain economic outlook.
Topline Securities Ltd said the PSX witnessed another volatile trading session, with the benchmark index swinging sharply throughout the day amid cautious investor sentiment. The index touched an intraday high of 1,077 points and a low of 1,052 points before settling at the 166,498.84 level, down 952.30 points, or 0.57 per cent.
Market participants remained wary due to the lack of tangible progress in ongoing negotiations and persistent uncertainty over US-Iran developments. Adding to the pressure, elevated international oil prices continued to dampen investor confidence, keeping overall market sentiment fragile throughout the session.
At the T-bills auction overnight, the yield on the six-month tenor crossed the 12pc mark, reaching 12.26pc, the highest level seen in one-and-a-half years. Rising yields were attributed to higher inflation expectations amid elevated oil prices. Recently, the six-month yield touched a low of 9.83pc in January this year. From that level, yields have risen by 243bps.
