Stocks manage to close in green

Despite aggressive foreign selling, the benchmark KSE 100 index shrugged off overnight negative sentiments and closed in the green on Tuesday. Ahsan Mehanti of Arif Habib Corporation said stocks closed higher on speculation ahead of the federal budget FY25, to be unveiled on June 7. He added that a strong earnings outlook, upbeat World Bank forecast for 15pc inflation for FY25, current account deficit at 0.6pc of GDP, rupee stability, and foreign inflows aided higher close. Topline Securities Ltd said the index experienced a mixed session. Positive contributions to the index came from Meezan Bank Ltd, Bank Al-Habib Ltd, United Bank Ltd, Service Industries Ltd, and Pakgen Power Ltd, adding 301 points collectively. Conversely, Dawood Hercules Corporation Ltd, Pakistan Oilfield Ltd, Fauji Fertiliser Company, Thal Ltd, and OGDC contributed 180 points negatively.