Pakistan Stock Exchange: KSE-100 Slips Below 166,200 as Selling Pressure Deepens for Second Straight Session | The Express Tribune
Key Takeaways
- The KSE-100 index fell by 0.94% (1,578.66 points) on Tuesday, closing at 166,173.75, marking the second consecutive session of decline.
- Investor sentiment was cautious, leading to widespread profit-taking despite an initially positive start to the trading day.
- Future interest rate cuts by the SBP are dependent on the impact of recent floods and the outcome of the ongoing IMF review.
- The index is currently consolidating around the key support level of 166,000, needing to regain 167,200 to target 170,000.
- Hub Power, Engro Holdings, and Lucky Cement were among the biggest losers, while Habib Bank and Askari Bank contributed most to index gains.
The Pakistan Stock Exchange witnessed significant volatility on Tuesday as the KSE-100 index declined by 0.94%, or 1,578.66 points, settling at 166,173.75, continuing a downward trend from Monday. After briefly touching an intra-day high, the index succumbed to selling pressure, highlighting the market's current fragility around the 166,000 support level. Investor sentiment remains cautious, with widespread profit-taking occurring due to a lack of strong positive triggers. Furthermore, the State Bank of Pakistan Governor indicated that future interest rate cuts are contingent upon assessing the aftermath of recent floods and the results of the ongoing International Monetary Fund review. Major index drags included Hub Power and Engro Holdings, while Habib Bank saw notable gains, though overall trading volume slightly decreased from the previous day.
