Profit-taking broke momentum at the Pakistan Stock Exchange (PSX) on Wednesday as the KSE-100 Index dropped more than 450 points.
At the close of trading, the benchmark KSE-100 Index stood at 146,529.30, down 476.02 points or 0.32 percent.
On Tuesday, the Pakistan Stock Exchange (PSX) endured a volatile session, ultimately ending at a record high despite heavy profit-taking as investors moved to secure recent gains. The KSE-100 Index finished just 75.48 points, or 0.05 percent, higher at 147,005.32.
Meanwhile, global rating agency Moody’s on Wednesday upgraded Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to Caa1 from Caa2.
The international rating agency — one of the top three global rating firms — said its decision to upgrade was due to “Pakistan’s improving macroeconomic conditions under the International Monetary Fund (IMF) Extended Fund Facility (EFF) program”.
The global rating agency has also raised the rating for the senior unsecured MTN program to (P)Caa1 from (P)Caa2.
