KSE-100 opens lower, sheds over 300 points at PSX
Profit-taking hit automobile, cement, bank and energy stocks a day after the index gained 830 points.
Selling pressure returned to the Pakistan Stock Exchange on Thursday, with the benchmark KSE-100 Index losing 303.08 points, or 0.18 percent, to trade at 171,929.43 by 9:50am. The index had closed at 172,232.51 a day earlier after gaining 830.43 points, or 0.48 percent, as traders booked profits following the rally.
Losses were visible in automobile assemblers, cement, commercial banks, oil and gas exploration companies and oil marketing companies. Heavyweight stocks including LUCK, HBL, MCB, MEBL, UBL, MARI, OGDC, PPL, PSO and SSGC were all trading in the red.
The market opened lower on a day when Pakistan's economic programme was in focus. Prime Minister Shehbaz Sharif met IMF Managing Director Kristalina Georgieva on the sidelines of the UN General Assembly in New York. The meeting coincided with the start of discussions between an IMF staff mission and Pakistani authorities for the next review under the $7 billion Extended Fund Facility and the Resilience and Sustainability Facility.
A statement from the Prime Minister's Office said Shehbaz thanked the IMF for its continued support and reiterated the government's commitment to implementing reforms under the IMF-supported programme. Georgieva said on X that she had discussed Pakistan's reforms, noting that strong implementation had helped preserve economic stability, restore confidence and regain market access.
On Wednesday, the PSX had rallied on constructive US-Iran discussions, the arrival of the IMF mission and aggressive buying in refinery stocks linked to expectations of progress on long-awaited upgrade agreements. Those gains lifted the KSE-100 by 830.43 points to 172,232.51.
Globally, debt markets were jittery on Thursday. Japanese 10-year government bond yields jumped to a 30-year high after a steep sell-off in US Treasuries overnight. Oil prices eased from recent highs and the dollar held gains after Iran's leader vowed never to surrender following a warning from US President Donald Trump that he could "annihilate" Iran. Asian equities were mixed; the MSCI Asia ex-Japan index fell 0.64 percent, Japan's Nikkei 225 rose 1.73 percent, and Australia's S&P/ASX 200 fell 1.2 percent. Investors also watched US jobless claims and a possible summit between Trump and Chinese President Xi Jinping for signals on trade and interest rates.
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