Pakistan stock market crashes, become Asia’s third worst performing stock market | World News

Pakistan: The Pakistan Stock Exchange (PSX) suffered a significant meltdown on account of the nation’s ongoing political turmoil. PSX, which had beforehand held the title of Asia’s best-performing stock market in 2020, is now Asia’s third-worst-performing stock market. It might most likely be the second-worst performing market within the present fiscal 12 months, trailing solely Sri Lanka. Investors witnessed the wipeout of 16.27 p.c (or 1.35 trillion PKR) of funding on the PSX, as market capitalisation (the whole worth of all listed corporations) slumped to a multiyear low at 6.95 trillion PKR on Thursday, in comparison with the height of 8.29 trillion PKR in June 2021, The Express Tribune reported.

In phrases of market capitalization loss, the petroleum refinery was the worst-affected sector. In March, the sector’s capitalisation was 66 billion PKR, down from 146.56 billion PKR on the finish of June 2021.

According to the Pakistan Economic Survey 2021-22, the cement sector misplaced 24% of its market capitalization between July and March FY22, whereas car assemblers misplaced 13%.

PSX turned the third worst performing market in Asia after the benchmark KSE-100 index dropped 5.1 p.c (or 2,427 factors) within the first 9 months (July-March) of the outgoing fiscal 12 months and closed at 44,929 factors on March 31, The Express Tribune quoted the survey as saying.

The newest knowledge means that the PSX has become the second worst performing market within the area after Sri Lanka in the complete present fiscal 12 months (July-June FY22), it has been discovered.

“Pakistan stock market`s efficiency has posted a boom-and-bust scenario throughout FY2022 (Jul-Mar) on account of geopolitical stress, particularly Russia-Ukraine battle, and home political uncertainty,” the survey stated.

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