As the earnings season came to a conclusion, Ahsan Mehanti of Arif Habib Corporation said the market was heading lower. Concerns regarding the nation’s ability to meet the conditions for external debt funding were stoked by reports that the $7 billion loan approval was left off the agenda of the IMF board meeting on August 28. There was also doubt regarding the source of the $3–$5 billion gap.
“A bearish close was sparked by political unpredictability, rising imports, uncertainty over IMF approval for taxes, and power subsidies,” he continued.
The benchmark index fell below 77,500 due to an unexplained selling frenzy in the second half of the session, according to Topline Securities Ltd. Value-seekers saved the market by selectively buying stocks.
