PSX faces post-budget pressure

In the post-budget trading session, the Pakistan Stock Exchange (PSX) faced a marginal decline, recording a drop of 291.51 points, amid market consolidation. The day began on an optimistic note, with the KSE-100 index reaching an intraday high of 78,541.21 points. However, this early momentum was short-lived as bearish trends soon dominated the market, reversing the initial gains. Several factors contributed to this downturn, including foreign outflows, over-leveraging at PSX, uncertainties surrounding the International Monetary Fund’s (IMF) approval of new tax relaxation proposals in the federal budget for FY25, and pressures from futures rollover. Consequently, the market experienced a substantial dip, falling below the critical 78,000 level and reaching an intraday low of 77,908.98 points.