Securities closed because to pressure from political noise and foreign outflows, according to Arif Habib Corporation’s Ahsan Mehanti.
The government’s actions on IPP payments on tariff issues, worries about the results of IMF pressure for agricultural reforms, tax benefits for the textile industry, and the delays in privatizing state-owned firms were other factors that he mentioned that led to the bearish close.
The index could not hold its bullish opening, according to Topline Securities Ltd., as investors chose to book profits due to the expected downward revision of Hub Power Company’s earnings, which fell by 9.15pc as a result of the early termination of a Power Purchase Agreement with the government, and Engro Fertiliser’s corporate results, which fell by 4.1pc as the company announced 3Q2024 EPS of Rs13.47 and dividend of Rs2.50 per share, which was lower than market expectations.
