The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 closed marginally lower after the index failed to sustain the gains it had made during intra-day trading on Wednesday.
The KSE-100 started the session positive, hitting an intra-day high of 114,661.89, followed by some selling that pushed the index to an intra-day low of 114,001.50.
At close, the benchmark index settled at 114,084.54, marginally down by 93.12 points or 0.08%.
The positive movement was primarily fuelled by MARI, BAHL, MLCF, PABC, and DGKC, which together contributed 147 points to the index. Conversely, FFC, OGDC, and ENGROH weighed on the market, pulling the index down by 188 points, brokerage house Topline Securities said.
In a key development, Prime Minister Shehbaz Sharif on Tuesday said the second tranche of about $1 billion from the International Monetary Fund (IMF) is critical, asserting that the government’s hard work and support of the global lender helped Pakistan achieve macroeconomic stability.
On Tuesday, the PSX saw a volatile session, as the benchmark KSE-100 Index swayed in both directions before closing the day marginally lower by 179 points at 114,177.65.
Internationally, Asian equities mostly fell Wednesday as investors fret over Donald Trump’s ever-changing trade policies amid increasing concern that his tariffs could send the US economy into recession.
Global markets have endured some severe volatility this month as the president looks to ramp up pressure on global partners by imposing or threatening hefty duties on their goods, citing huge trade imbalances.
In the latest move, sweeping 25% levies on all US aluminium and steel imports are due to come into effect at midnight in Washington (0400 GMT Wednesday), hitting numerous nations from Brazil to South Korea, as well as the European Union.
Asian stocks slide as market selloff deepens on US growth worries
On Tuesday, Trump threatened to double those on Canada after the province of Ontario imposed an electricity surcharge on three US states. The president called that off after Ontario halted the charge.
Meanwhile, the Pakistani rupee remained largely stable against the US dollar, depreciating 0.01% in the inter-bank market on Wednesday. At close, the currency settled at 279.97, a loss of Re0.02 against the greenback.
Volume on the all-share index decreased to 299.63 million from 318.52 million recorded in the previous close.
However, the value of shares declined to Rs20.26 billion from Rs22.88 billion in the previous session.
Sui South Gas was the volume leader with 18.26 million shares, followed by At-Tahur Ltd. with 14.88 million shares, and B.O.Punjab with 14.38 million shares.
Shares of 432 companies were traded on Wednesday, of which 159 registered an increase, 213 recorded a fall, while 60 remained unchanged.
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