The Pakistan Stock Exchange (PSX) turned to profit-taking activity on Thursday after rallying for three straight days, with the benchmark KSE-100 Index shedding 256.22 points (-0.56 percent) to close at 45,862.93 points.
The market opened on a positive note and maintained this trend for the first hour of the session due to revival of the International Monetary Fund (IMF) programme for the $6 billion extended fund facility (EFF). However, profit-taking stole the show as the index gained over 1,000 points during the last three sessions, which dragged the market down to close in red. There was a significant selling pressure as the investors took positions on attractive valuations.
Moreover, the increase in Pakistan’s trade deficit by 91.97 percent to $28.8 billion in seven months (July to January) of the ongoing financial year, also put some pressure on the market. The country’s trade imbalance was recorded at $28.8 billion in July to January period of the year 2021-22 as compared to $15 billion in corresponding period of the previous year, according to the Pakistan Bureau of Statistics (PBS).
The KSE-100 Index moved in a range of 569.6 points, showing an intraday high of 46,387.64 points and a low of 45,818.04 points. Among other indices. TLTP
