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The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index closed lower by more than 1,900 points after profit-taking in the final hours wiped out nearly 1,700 points the index had gained during intra-day trading on Wednesday.

The KSE-100 started the session positive, hitting an intra-day high of 117,750.23 in the first half.

However, the latter hours witnessed strong selling pressure that pushed the index to an intra-day low of 113,847.04.

At close, the benchmark index settled at 114,148.46, down by 1,904.23 points or 1.64%.

The decline in the index was primarily driven by UBL, PPL, SYS, MARI, and OGDC, which together contributed to a loss of 659 points. On the other hand, ENGROH, FFC, and SRVI helped offset the losses, adding 184 points to the index, brokerage house Topline Securities said in its post-market report.

“Market participants exhibited caution during the session as profit-taking ensued after recent market rallies, reflecting a mix of optimism and near-term risk aversion,” Topline said.

On his visit to the PSX, Prime Minister Shehbaz Sharif on Wednesday acknowledged that the current tax slabs “are prohibitive”, hampering business operations and investments.

“However, we are under an International Monetary Fund (IMF) programme, and we need to honour our commitments with the global lender.”

“We will say them [IMF] goodbye forever, but when the time comes. At this point and time, we need to build this relationship and achieve those targets,” the prime minister said.

On Tuesday, the PSX remained under pressure and closed in red due to selling as the investors opted to offload their holdings on available margins. The benchmark KSE-100 index declined by 202.44 points or 0.17% and closed at 116,052.68 points.

Internationally, Asian stocks drifted lower on Wednesday. A robust dollar kept the yen pinned near six-month lows, as traders wagered the Federal Reserve would likely be slow in cutting rates after data showed the US economy and labour market remained stable.

MSCI’s broadest index of Asia-Pacific shares outside Japan, fell 0.2%, with Japan’s Nikkei, down 0.8%. On Wall Street, all three main indexes finished lower as the data stoked worries of a rebound in inflation.

China’s blue chip CSI300 Index, was 0.3% lower, while Hong Kong’s Hang Seng Index, slid 0.55% in early trading.

The yen was last at 157.98 per dollar after touching 158.425 on Tuesday, a level last seen in July when Tokyo intervened to support the yen. It slid more than 10% last year against the dollar and has had a rough start to 2025.

Investor focus in 2025 has been on shifting US rate expectations, the growing divergence in policy path between US and other economies and the threat of tariffs once President-elect Donald Trump steps into the White House on Jan. 20.

The Fed in December projected just two rate cuts for 2025, lower than the four it had earlier predicted.

Markets are currently pricing in 38 basis point of easing this year with the first cut from the Fed fully priced in for July.

Meanwhile, the Pakistani rupee recorded a marginal decline against the US dollar, depreciating 0.02% in the inter-bank market on Wednesday. At close, the currency settled at 278.72 for a loss of Re0.05 against the greenback.

Volume on the all-share index increased to 1,099.98 million from 792.77 million on Tuesday.

However, the value of shares declined to Rs32.47 billion from Rs39.69 billion in the previous session.

WorldCall Telecom was the volume leader with 520.20 million shares, followed by Cnergyico PK with 41.30 million shares, and Fauji Foods Ltd with 34.83 million shares.

Shares of 464 companies were traded on Wednesday, of which 118 registered an increase, 293 recorded a fall, while 53 remained unchanged.

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