Pakistan Is Now Asia’s Third Worst Performing Stock Market

New Delhi: It was not long ago when the Pakistan Stock Exchange (PSX) had won the title of Asia’s best-performing stock market in August 2020. It is now Asia’s third worst performing stok market. In the current fiscal, it may as well be the second worst performing market, only after crisis-laden Sri Lanka. According to media reports, investors witnessed the wipeout of 16.27 per cent (or 1.35 trillion PKR) of investment at the PSX, as market capitalization (the total value of all listed companies) slumped to a multiyear low at 6.95 trillion PKR on Thursday, compared to the peak of 8.29 trillion PKR in June 2021, The Express Tribune reported.Also Read – Rupee Hits All-Time Low Against USD Twice In Two Days; What’s Spooking Our Currency? Know Here

The petroleum refinery was the worst-hit sector in terms of losing market capitalization. The sector’s capitalisation halved to 66 billion PKR in March, compared to 146.56 billion PKR at the end of June 2021. Also Read – IT, Metal Stocks Bring Back The Bear; Drag Indian Share Market 600 Points In Opening Trade

The cement sector lost 24 per cent of market capitalization while automobile assemblers’ capitalization went down 13 per cent during July-March FY22, according to the Pakistan Economic Survey 2021-22. Also Read – Amir Liaquat, Pakistan’s Popular TV Host, Found Dead at Home Under Mysterious Circumstances

PSX became the third worst performing market in Asia after the benchmark KSE-100 index dropped 5.1 per cent (or 2,427 points) in the first nine months (July-March) of the outgoing fiscal year and closed at 44,929 points on March 31, The Express Tribune quoted the survey as saying.

Second Worst Performing Market In Current Fiscal

The latest data suggests that the PSX has become the second worst-performing market in the region after Sri Lanka in the entire current fiscal year (July-June FY22), it has been learned. PSX has dived almost 31 per cent in dollar terms in the current fiscal year to date, according to Arif Habib Limited (AHL).

“Pakistan stock market’s performance has posted a boom-and-bust situation during FY2022 (Jul-Mar) due to geopolitical tension, especially Russia-Ukraine conflict, and domestic political uncertainty,” the survey said.

(With IANS inputs)

Source link

Leave a Reply

Your email address will not be published.