June 10, 2022
1 min read

Pakistan Stock Exchange turns Asia’s 3rd worst performer

The petroleum refinery was the worst-hit sector in terms of losing market capitalisation. The sector’s capitalisation halved to 66 billion PKR in March, compared to 146.56 billion PKR at the end of June 2021….reports Asian Lite News

The Pakistan Stock Exchange (PSX), which had won the title of Asias 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 per cent (or 1.35 trillion PKR) of investment at the PSX, as market capitalisation (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.

The petroleum refinery was the worst-hit sector in terms of losing market capitalisation. The sector’s capitalisation halved to 66 billion PKR in March, compared to 146.56 billion PKR at the end of June 2021.

The cement sector lost 24 per cent of market capitalisation while automobile assemblers’ capitalisation went down 13 per cent during July-March FY22, according to the Pakistan Economic Survey 2021-22.

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.

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 learnt.

PSX has dived almost 31 per cnet 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.

ALSO READ: Pakistan-TTP deal draws opposition

Previous Story

Nirmala presses ahead with privatisation plans

Next Story

UAE tops Arab countries in FDIs

Latest from -Top News

Activists Targeted Again in Balochistan

The Baloch Yakjehti Committee (BYC) on Tuesday condemned the enforced disappearance of Baloch leader Ghani Baloch, blaming Pakistan’s Law Enforcement Agencies and Frontier Corps….reports Asian Lite News The Baloch Yakjehti Committee (BYC),

Islamabad-Ankara-Baku Axis Sharpens Against India

Both Turkey and Azerbaijan have openly expressed solidarity with Pakistan and backed Islamabad in its military standoff with India, this month….reports Asian Lite News The evolving alliance between Islamabad, Ankara, and Baku

B’desh SC Acquits Islamist in War Crimes Case

ATM Azharul Islam was slapped with the charges of crimes against humanity committed during the Liberation War of the country in 1971….reports Asian Lite News The Supreme Court of Bangladesh on Tuesday

India Targets Pak Terror Ties in Guyana

The delegation met the Guyanese President, Mohamed Irfaan Ali, who had hosted a dinner to celebrate friendship and shared aspirations between the two nations…reports Asian Lite News Congress leader Shashi Tharoor, currently

EU Vows US Trade Deal

European Commission President Ursula von der Leyen phoned Trump on Sunday, after which he agreed to postpone the planned tariff increase until July 9….reports Asian Lite News The European Commission remains “fully
Go toTop

Don't Miss

Pakistan may repeat Bangladesh mistake in Balochistan

Many in the civil society believe that the army’s policy

Disputed Polls Could Trigger Turmoil in Pakistan

The report mentioned that there are chances of damaging the