PSX loses 1,309 points on profit-taking
The stock market snapped its record-setting spree as investors indulged in aggressive profit-taking in the post-rate cut session on Tuesday despite hitting an all-time high above 117,000 intraday. Ahsan Mehanti of Arif Habib Corporation said the equities turned bearish amid cautious SBP policy easing on multiple risks, static core inflation near 9.7pc and 0.64pc contraction in Large-Scale Manufacturing during July-October. He added that consolidation amid concerns for government tax collections shortfall, weak global crude oil prices and unresolved slippages in IMF targets under the $7bn Extended Fund Facility contributed to the downturn at PSX. However, trade and industry leaders, barring representatives of foreign investors and multinationals, termed the rate cut inadequate and insisted on a single-digit policy rate to revive economic activities as inflation had hit its 78-month lowest at 4.9pc in November.