PSX tumbles on economic uncertainty

The stock market continued its southward journey on Tuesday amid growing security concerns and economic uncertainty about securing the IMF board’s approval for the new loan programme. Additionally, a nationwide strike call by the opposition for August 28 against the rising cost of electricity, gas, food, etc., supported by all the major chambers and traders associations across the country, depressed investor sentiments, triggering profit-taking and pushing the index further lower. Ahsan Mehanti of Arif Habib Corporation said stocks closed under selling pressure amid institutional profit-taking on economic uncertainty. He said reports of IMF board meetings agenda missing approvals on Pakistan’s 37-month $7 billion Extended Fund Facility, concerns over the falling rupee, surging industrial power tariff inviting closures, external financing gaps, and pending China IPPs dues restructuring played a catalyst role in bearish close.