PSX slips below 46,000 level

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Pakistan Stock Exchange (PSX) turned bearish on Tuesday, with the benchmark KSE-100 Index shedding 255.58 points (-0.55 percent) to close at 45,817.67 points. The market opened on a positive note but remained range-bound.

The indices remained mostly in green territory for the first two-hour trading and later, the bears took charge of the market till the end of the session. The market witnessed selling pressure amid expected increase in prices of petroleum products and electricity tariff in the coming days, following an agreement with the International Monetary Fund in this regard.

The removal of oil and electricity subsidies will raise inflation and overall cost of production. Moreover, the rollover week is also going on, which also prompts selling pressure. According to Aba Ali Habib Securities, the bearish sentiments among investors stemmed from draining foreign reserves of the country as local currency is under hefty pressure.

The position stays uncertain as the market will shape its upcoming sessions owing to the factors which would unfold after Prime Minister Shehbaz Sharif’s visit to Saudi Arabia this week. The KSE-100 Index moved in a range of 401.66 points, showing an intraday high of 46,184.55 and a low of 45,782.89 points.

Among other indices, the KSE All Share Index shed 176.46 points (-0.56 percent) to close at 31,116.27 points, while KMI All Share Islamic Index shed 182.96 points (-0.8 percent) to close at 22,565.05 points. TLTP