PSX falls amid post-earnings consolidation

The stock market on Wednesday retreated from highs, losing over 280 points to settle just above 92,000 as investors consolidated positions following the corporate earnings season. Market sentiment was dampened by concerns over rupee volatility, a drop in global crude oil prices and uncertainty surrounding the outcome of the International Monetary Fund's (IMF) first review of the Extended Fund Facility (EFF) amid a tax collection shortfall and outstanding Chinese energy debt. Experts highlighted those economic pressures as key factors behind the bearish close of the market. There were limited gains above 92,000, with the KSE-100 index constrained by heavy profit-taking. "Stocks closed sharply lower amid consolidation post-earnings season," said Ahsan Mehanti, Managing Director of Arif Habib Corp. Rupee instability, weak global crude prices and uncertainty over the outcome of IMF's first review of the EFF amid tax collection shortfall and pending Chinese energy debt payment played the role of catalysts in bearish close at the PSX, he added.