Pakistan Stock Exchange Falls for Third Week Despite S&P Upgrade
The Pakistan Stock Exchange (PSX) continued its losing streak for the third consecutive week, closing at 171,021.20 points on Friday, down 2.7% or 4,782 points from last week.
The KSE-100 index was affected by persistent geopolitical uncertainty and cautious investor sentiment, despite S&P Global Ratings upgrading Pakistan's long-term sovereign credit rating to 'B' from 'B-' with a stable outlook on Wednesday.
The upgrade cited ongoing IMF-backed reforms, improved fiscal performance, stronger institutions, and higher foreign exchange reserves supporting economic growth and fiscal consolidation.
Brent crude prices surged above $100 a barrel due to escalating tensions in the Red Sea, including a naval blockade announced by the Houthis. This weighed on investor sentiment and contributed to the market's decline.