Mohsin Siddiqui (Chief Reporter)

Pakistan Stock Exchange (PSX) witnessed a decline as the benchmark KSE-100 Index dropped 1.4% during Tuesday’s trading session. At approximately 11:05 am, the benchmark index reached 64,314.72, reflecting a decrease of 889.95 points or 1.36%. This followed a slight improvement from an earlier low of 63,948.25.

The market downturn was marked by across-the-board selling, affecting index-heavy sectors such as automobile assemblers, cement, chemical, commercial banks, oil and gas exploration companies, OMCs, pharmaceuticals, and refinery. This decline comes after Monday’s session when the KSE-100 Index lost over 900 points, settling near the 65,000 level.

Analysts attribute the correction to ongoing profit-taking following a bullish spree that propelled the index over 66,000. Investors are now eagerly awaiting the International Monetary Fund (IMF) Executive Board meeting scheduled for January 11, 2024. This meeting will consider the first review under Pakistan’s current $3 billion stand-by arrangement (SBA).

The current IMF program, set to conclude in April 2024, with approximately $1.8 billion remaining un-disbursed, saw the release of $1.2 billion as the first tranche in July. The KSE-100 Index, which experienced a substantial bullish run this year, gained nearly 60%.