PSX Slips Again as IMF Delay and Futures Rollover Keep Investors on Edge
KARACHI: The Pakistan Stock Exchange (PSX) remained under selling pressure on Tuesday, with the benchmark KSE-100 Index shedding another 380 points to close at 148,435, extending its two-day losing streak.
The market struggled to hold early gains as investors opted for profit-taking ahead of the monthly futures rollover, while uncertainty over the release of the IMF’s third loan tranche weighed on sentiment.
A Volatile Session Turns Negative
The index briefly touched an intraday high of 149,453 points, boosted by buying in Fauji Fertiliser Company, Hub Power, and Pakistan Oilfields, which collectively added 295 points. But the optimism faded quickly, with heavyweight names such as Engro Holdings, Bank Al Habib, Meezan Bank, MCB Bank, and Habib Bank dragging the market down by 549 points.
Market analysts said the swings reflected typical futures rollover activity, which often fuels short-term volatility.
Broader Concerns Add to Pressure
Ahsan Mehanti of Arif Habib Corporation said investors are staying cautious amid global market weakness, falling crude oil prices, and a lack of domestic triggers. Concerns over policy rate stability, a potential hike in industrial gas tariffs, and regional geopolitical tensions have further dampened appetite for risk.
Volumes Dip but High-Value Trades Rise
Trading activity showed mixed signals: overall volumes fell 4% to 665.42 million shares, but the total traded value jumped nearly 20% to Rs31.54 billion, reflecting a focus on high-value stocks rather than broad-based participation.
First Dawood Bank topped the volume chart, with over 40 million shares changing hands. Analysts expect the market to stay choppy through the rollover period, with sentiment closely linked to progress on IMF negotiations and upcoming fiscal measures.
