The Pakistan Stock Exchange (PSX) continued its historic rally on Wednesday, closing at a record 165,640 points, even as profit-taking and IMF talks shaped investor sentiment.
The benchmark KSE-100 index added 147 points by the end of the trading day, settling at 165,640 points.
During intraday trade, the market surged by 1,029 points to a record 166,522 before sliding 1,338 points to 164,155, reflecting strong volatility.
Brokers said the fluctuation was driven by correction and profit-taking following the index’s sharp upward momentum earlier in the week.
Trading activity remained strong, with 1.65 billion shares changing hands, valued at Rs 70 billion.
IMF discussions in focus
Investor sentiment was influenced by ongoing discussions between Pakistan and the International Monetary Fund (IMF).
According to official sources, the IMF has stressed progress on the National Finance Commission (NFC) process, a key hurdle in revenue distribution between the Centre and provinces.
The Ministry of Finance and the IMF mission are holding technical sessions under the Extended Fund Facility (EFF) and reviewing the Resilience and Sustainability Facility (RSF), linked to the country’s $7 billion loan programme.
On Tuesday, optimism had driven the KSE-100 up by 1,645.90 points (1%) to close at 165,493.59, marking one of the strongest sessions of the year.
Global market cues add pressure
Global financial markets also influenced trading patterns.
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Wall Street futures slipped, with the S&P 500 and Nasdaq each falling 0.5%.
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Gold prices surged to a historic $3,875 an ounce for the third straight session.
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Asian markets showed mixed results: Japan’s Nikkei lost over 1% after a strong rally, while South Korea’s index rose 0.6% on robust export growth, the fastest in 14 months.
Adding to the uncertainty, a looming US government shutdown is expected to delay the release of key jobs data, unsettling global investors.
