PSX loses 290.54 points to close at 45,652.62 points

PSX stocks take a hit due to dismal earning announcements


KARACHI: The Pakistan Stock Exchange (PSX) came under selling pressure on Thursday as investors took a cue from dismal corporate earnings announcements, which dampened investor sentiment.

In addition, rising oil product prices and a widening trade deficit have raised concerns about rising inflation in the country following an increase in expensive imports.

The benchmark KSE-100 index, which was in the red zone for most of the day, ended down nearly 250 points.

Pakistan stocks opened lower on the back of lower-than-expected company announcements. Initially, CY21 earnings were announced by Engro Corporation, which announced payouts for Re1 against Street expectations of Rs 4-5.

In addition, news of renewed tensions between Russia and Ukraine further soured investor sentiment, sparking a broad-based sell-off.

At the close, the benchmark KSE-100 index was down 243.70 points, or 0.53%, at 45,441.10.

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