Bullish streak breaks as PSX drops 467 points

The Pakistan Stock Exchange (PSX) experienced a significant drop today, losing 467 points to stand at 79,524.98 during intra-day trading and marking a 0.59% decline from the previous day's closing of 79,992.35 points.

Yesterday, the PSX gained 150.80 points, a 0.19% increase, closing at 79,992.35 points compared to Wednesday's closing of 79,841.56 points. However, this brief upward movement has been overshadowed by today's decline.

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According to experts, the government’s discussions on the privatization of struggling state-owned enterprises (SOEs) contributed to the bullish trend, which instilled confidence among investors.

Despite this downturn, the KSE-100 index has shown a positive trend over the past month, gaining significant points and even shattering records with an unprecedented high of 81,000 points. This historic milestone, achieved on June 9, was driven by robust buying from both local and foreign investors.

Additionally, the recovery of the Pakistani rupee against the dollar and optimism surrounding upcoming talks with the International Monetary Fund (IMF) have contributed significantly to the bullish sentiment.