PSX retreats despite $1.2bn IMF lifeline
KARACHI: Amid persistent volatility stemming from regional and political concerns, the Pakistan Stock Exchange (PSX) faltered on Thursday after staging an early rally driven by a staff-level agreement (SLA) between Pakistan and the visiting International Monetary Fund (IMF) staff mission. Strong buying at attractive valuations lost steam mid-session as investors took profits after an upsurge in…
KARACHI – Despite a $1.2 billion IMF lifeline, the Pakistan Stock Exchange (PSX) saw a volatile session on Thursday, initially climbing 906 points following a staff-level agreement (SLA) between Pakistan and the visiting International Monetary Fund (IMF) staff mission. However, the gains were short-lived as oil prices surged, pushing international oil prices up nearly 4 percent due to heightened Middle East supply concerns, increased shipping attacks, and US production disruptions.
This oil price spike fueled fears of energy supply disruptions and higher imported costs, further dampening investor sentiment.
The PSX saw a high of 169,487 points and a low of 167,442 points during the session, ultimately closing down 1,138 points, or 0.68 percent. The index experienced a wide range of 167,450-169,487 throughout the day. Analysts predict the market will remain volatile, with the 167,000-170,000 range being crucial for the week's final session. Factors to watch include oil prices and foreign flows.
Written by urgent.news from Dawn Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
