Karachi: Trading at the Pakistan Stock Exchange (PSX) opened on a bullish note Tuesday, with the benchmark KSE-100 Index surging over 700 points to reach 168,518. However, the early momentum was short-lived as profit-taking swept across key sectors.
Heavy selling pressure was observed in cement, banking, fertiliser, oil and gas exploration, oil marketing companies (OMCs), and refineries. Major contributors to the index—including ARL, MARI, OGDC, POL, PPL, PSO, and WAFI—traded in negative territory, reflecting investor caution.
Meanwhile, a critical development emerged from Monday’s discussions between Pakistani authorities and the International Monetary Fund (IMF), where both sides considered revising Pakistan’s GDP growth forecast downward to 3.5% for the current fiscal year—below the government’s 4.2% target. The revision accounts for the economic fallout from recent floods that severely impacted infrastructure, agriculture, and livestock.
Sources cited by Business Recorder warned that the flood-related destruction, coupled with external economic pressures, is likely to drive further inflation.
On Monday, the PSX had already closed in the red, weighed down by rising geopolitical tensions with India and continued profit-taking. The KSE-100 Index settled at 167,752.41, marking a decline of 1,237.66 points or 0.73%.
