Stock market slips 74 points after minor fluctuations through the day

KARACHI: The Pakistan Stock Exchange (PSX) lost 74 points through the trading session today, closing at 71,359.40 points after opening at 71,433.46 points.

Yesterday, the index crossed the psychological mark of 71,000 points and gained 523.56 points through the day until closing.

PSX opens with market adjustment expectations after yesterday’s rally

Today, the benchmark KSE-100 index opened on a positive note, climbing nearly 250 points within an hour of trading. Through the day, the index gained nearly 500 points again, touching the highest of the day at 71,846.63 points. However, towards the closing of the trading period, the index has shifted into balancing yesterday’s spike.

The construction and banking sectors remained immune to the downward movement of the index. On the other hand, K-Electric, Worldcall Telecom Limited and Air Link Communication Limited remained prominent among the stocks that closed in red today.

Overall, the index showed minor fluctuations and showed stability in overall business sentiment. The factors that are lending strength to the market includes the finance minister’s visit to the US to secure another IMF program, improving rupee, recovering export sector, and the prospect of Saudi Arabia’s investment.

There is no Plan B when you are in IMF loan program: Finance Minister

On the flipside, the eroding situation in the Middle East and the corresponding cautious approach of the international investors is creating negative pressures on PSX as well.