PSX closes lower amid volatility

Pakistan Stock Exchange (PSX) on Tuesday witnessed a bearish session, with the benchmark KSE-100 index experiencing significant swings, reaching the intra-day high of 869 points before plunging to the intra-day low of 2,480 points. By the close of trading, the index settled at 114,860.69, marking a decline of 1,308.72 points, or 1.13%. The downturn was attributed to a combination of factors including cautious expectations surrounding the State Bank of Pakistan's (SBP) monetary policy easing amid multiple risks. Analysts noted that concerns over a shortfall in the government's tax collection, weak global crude oil prices and unresolved issues pertaining to the IMF targets contributed to the bearish activity. Despite an initial rally following the SBP's 200-basis-point (bps) rate cut, the market saw significant volatility, where profit-taking in the latter half exacerbated the decline.