PSX feels pressure before monetary policy

KARACHI: Pakistan Stock Exchange (PSX) on Wednesday remained under pressure as investors exercised caution ahead of the monetary policy announcement in mid-March and potential negotiations with the International Monetary Fund (IMF) for a new loan package. In the morning, trading kicked off with a spike and the market climbed during initial hours. Buying activity was observed throughout the first half as investors cherished Prime Minister Shehbaz Sharif’s directives to open talks with the IMF for an Extended Fund Facility (EFF). Bulls dominated proceedings until midday, immediately after which the KSE-100 index touched its intra-day high of 66,150.94. Afterwards, market sentiment turned negative when investors weighed the potential impact of the upcoming monetary policy announcement and resorted to cautious trading. They went for profit-booking during the final hour, pushing the bourse slightly into the negative territory. The index shed nearly 70 points and closed below the 66,000 mark.