Stocks extend losses ahead of policy rate cut

The stock market on Monday continued its losing streak for the sixth straight day ahead of the monetary policy announcement later in the evening and persisting gloomy investor sentiments associated with challenging budgetary proposals in line with IMF conditions to secure another bailout. Ahsan Mehanti of Arif Habib Corporation said stocks closed under pressure amid pre-budget uncertainty and cautious activity ahead of the SBP policy rate announcement. He mentioned that rising electricity tariffs, IMF demands for tax measures in the upcoming budget, and uncertainty regarding the rollover of $15bn Chinese IPPs loan were the main factors contributing to the bearish market close.