Stocks fall below 75,000 on profit-taking
After posting modest gains overnight, Pakistani shares on Wednesday faltered below the 75,000 level on late selling as investors reacted to a downturn in dollar inflows, which depicted a weak economic outlook. Ahsan Mehanti of Arif Habib Corporation said the National Accounts Committee’s projection of a subdued economic growth of 2.38pc amid average 26pc inflation for outgoing FY24, a 6pc decline in inflows via Roshan Digital Account (RDA) in April, weak rupee and uncertainty over the outcome of negotiations over CPEC dues to China were the factors that triggered profit-taking. Topline Securities Ltd said Pakistan equities began trading positively around the psychological barrier of 75,000 for most of the session. However, an inexplicable selling spree in the last hour forced the KSE 100 index to close below this level.