PSX ends flat amid budget uncertainty

Uncertainty loomed over the Pakistan Stock Exchange (PSX) on Tuesday as investors grappled with pre-budget concerns and reports about the International Monetary Fund (IMF) seeking an additional Rs1.3 trillion in taxes under a new loan programme. In the morning, trading began with a sharp dip as the KSE-100 index dived to around 72,700 points. However, it managed to rebound quickly and wipe out all the initial losses. The market saw rapid fluctuations in the index throughout the day, during which it surpassed the 73,000 barrier after midday. The bourse touched the intra-day high at 73,260.08 points. However, it could not sustain the momentum and faced profit-taking pressure, which erased all the prior gains and took the market to the intra-day low at 72,707.95 points towards the close of trading. The slump was primarily driven by political noise, ambiguity surrounding the terms of the potential IMF bailout package and the currency instability.