PSX declines amid market volatility despite early gains

KARACHI: Yesterday (Thursday), the Pakistan Stock Exchange (PSX) saw an initial boost during the early hours of trading, driven by signs of macroeconomic stability.

However, later in the day, selling pressure emerged, causing the benchmark KSE-100 index to close at 81,657.96 points, marking a decline of 589.95 points or 0.72 per cent. Throughout the day, the index fluctuated within a range of 1,353.07 points, reaching an intraday high of 82,905.73 points (+657.82) and a low of 81,552.66 points (-695.25), Mettis Global reported.

PSX sheds over 480 points in intraday trade

Trading volume for the KSE-100 Index stood at 152.66 million shares. The broader market saw a total volume of 423.94 million shares, slightly up from 422.16 million in the previous session. The value of traded shares fell to Rs 17.67 billion, down by Rs 0.71 billion.

On the macroeconomic front, Pakistan secured a major breakthrough with the International Monetary Fund (IMF), which approved a 37-month Extended Fund Facility worth SDR 5,320 million, equivalent to roughly $7 billion. This agreement includes an immediate disbursement of SDR 760 million (around $1 billion), according to an IMF statement.

Sector-wise, the KSE-100 Index faced downward pressure from Power Generation & Distribution, Fertilizer, Technology & Communication, Oil & Gas Exploration, and Textile Composite. On the positive side, the market saw support from the Leather & Tanneries, Paper, Board & Packaging, Glass & Ceramics, Refinery, and Real Estate Investment Trust sectors.