Stocks extend losses on profit-taking

Pakistan Stock Exchange (PSX) on Wednesday continued its gradual movement towards south as investors opted for profit-booking after the market rose to its intra-day high above 70,700 points. As some investors were scared to invest at high levels, the market began the day on a negative note and the KSE-100 index dipped to the intra-day low of 70,037.28 points in the very first hour. Weak large-scale manufacturing (LSM) industries’ data that showed a negative growth of 0.51% for July-February 2023-24 dented the investors’ buying interest. Market sentiment received a hit over fears of a sticky high inflation, as projected by the International Monetary Fund (IMF). Global oil price surge forced investors to adopt a cautious approach. Furthermore, the rupee continued its downward trajectory over likely escalation in the Middle Eastern conflict, which pulled the currency down to almost four-week low against the US dollar in the inter-bank market.