PSX wipes out all gains, falls marginally

KARACHI: Pakistan Stock Exchange (PSX) on Monday came under downward pressure from selling of selective stocks and the benchmark KSE-100 index registered a marginal decline of nearly 40 points. The weakening of global equities and growing apprehensions about economic uncertainty in Pakistan drove the stock market down, after wiping out all the earlier gains. In the morning, the bourse began trading on a positive note with the momentum being fuelled by the formation of a new cabinet, whose members took oath during the day. Prime Minister Shehbaz Sharif convened the first cabinet meeting in the evening. As a result, the market briefly crossed the 66,000 mark, reaching intra-day high at 66,119.34 points post-midday trading. However, concerns surrounding the upcoming monetary policy announcement and the outcome of government’s negotiations for a new International Monetary Fund (IMF) loan package led to a shift in sentiment. Consequently, the index struggled to maintain the 66,000 level and eventually fell to the intra-day low at 65,698.76 points right before close.