Pakistan Stock Exchange (PSX), which had won the title of Asia’s best performing stock market in August 2020, took a U-turn and became the third worst performing market in the region. Amid the boiling political temperature and melting economy, investors witnessed the wipeout of 16.27% (or Rs1.35 trillion) of investment at the PSX. The petroleum refinery was the worst-hit sector in terms of losing market capitalisation.
Market capitalisation (the total value of all listed companies) slumped to a multiyear low at Rs6.95 trillion on Thursday, compared to the peak of Rs8.29 trillion in June 2021.
PSX became the third worst performing market in Asia after the benchmark KSE-100 index dropped 5.1% (or 2,427 points) in the first nine months (Jul-Mar) of the outgoing fiscal year and closed at 44,929 points on March 31, according to the survey.
Source: Express Tribune