Despite a strong start, the benchmark KSE-100 Index slipped nearly 500 points, as late-session selling erased earlier gains during the intra-day trading at the Pakistan Stock Exchange (PSX) on Wednesday.
At 2pm, the benchmark index was hovering at 165,193.99, a decrease of 492.39 points or 0.30%.
Selling pressure was observed in key sectors including automobile assemblers, cement, commercial banks and oil and gas exploration companies. Index-heavy stocks including MARI, OGDC, POL, PPL, HBL, MCB and MEBL, traded in the red.
In a key development, the International Monetary Fund (IMF) team reached a staff-level agreement (SLA) with the Pakistani authorities on Wednesday. The SLA is subject to approval by the IMF Executive Board, upon which Pakistan will receive disbursement of $1.2 billion.
On Wednesday, PSX ended on a mixed note as investors opted for profit-taking following a strong rally in the previous session, even as trading volumes surged to exceptional levels. The benchmark KSE-100 Index gained 210.36 points, or 0.13%, to settle at 165,686.38 points.
Internationally, stocks rose across most of Asia on Thursday, with the chip sector buoyant following a strong rally among US peers overnight.
A robust start to the earnings season on Wall Street also helped lift the mood. Simmering trade frictions between Beijing and Washington increased the appeal of safe havens like gold – which renewed a record high – and the Japanese yen, while undercutting the dollar.
Japan’s Nikkei advanced 0.8%, with chip- and artificial intelligence-related shares boosting the index.
Taiwanese shares climbed 1.4%, South Korea’s KOSPI jumped 1.8% and Australia’s equity benchmark added 1.1%, with all three touching lifetime highs.
Hong Kong and mainland Chinese shares were also higher after an initial wobble, despite the drag from trade tensions.
US stock futures were overall flat following a 0.4% gain for the S&P 500 and a 0.6% rise for the tech-heavy Nasdaq overnight.
This is an intra-day update
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