PSX ends winning streak as investors pause

Pakistan Stock Exchange (PSX) on Tuesday recorded its first decline following six consecutive positive sessions over institutional profit-taking coupled with uncertainty surrounding talks with the International Monetary Fund (IMF) for a new loan programme and geopolitical tensions. Earlier, trading commenced on a robust note, with the KSE-100 index surging to the intra-day high of 71,092.61 points before midday. However, as the day progressed, the market began to decline due to a shift in investor sentiment, driven by several factors. These included IMF’s conditions for tax policy reforms, easing of international crude oil prices and a slump in global equities. Sectors like oil and gas marketing, power generation, fertiliser and cement came under selling pressure, which negatively impacted the overall market. Consequently, all earlier gains were erased and the index dipped to the intra-day low of 70,405.24 points before the end of trading. Despite posting losses, the bourse managed to stay above the 70,000 mark. “Stocks closed lower amid concerns over institutional profit-taking, uncertainty about the outcome of Pakistan-IMF talks for a new bailout programme and geopolitical tensions,” said Ahsan Mehanti, MD of Arif Habib Corp.