PSX ends bearish over tax law worries

Pakistan Stock Exchange (PSX) on Wednesday engaged in highly bearish trading, reflecting investor concerns over the Tax Laws Amendment Bill, which was seeking to bar non-filers from making stock purchases beyond certain limits. Analysts attributed the market's downturn of nearly 1,600 points to apprehensions surrounding the legislative change, alongside broader economic challenges such as rupee instability, weaker global crude oil prices and political uncertainty. The index touched the intra-day high of 213 points after midday and fluctuated around that level for some time before plummeting to the day's low of 1,682 points. The bearish activity was exacerbated by institutional profit-taking. There were some positive reports as well. In its financial results, Honda Atlas Cars exceeded market expectations, posting a 297% year-on-year (YoY) increase in earnings per share (EPS) for the third quarter.