Profit-taking and year-end selling impacted investor morale on Thursday, causing the capital market to continue its gloomy trends. Stricter tax revisions and wider economic uncertainty contributed to a cautious market approach, even in the face of some support from improved macroeconomic indicators.
The benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) first rose to an intraday high of 112,480.6 before plunging to a low of 109,858.88 and ending at 110,423.32. The impact of year-end portfolio adjustments was reflected in the steep drop of 1,991.48 points, or -1.77%, from the previous closing, which continued to put pressure on the market.
Arif Habib Commodities’ managing director and CEO, Ahsan Mehanti, told Geo.tv that political unpredictability, worries about the cautious State Bank’s policy easing.
