Stocks end slightly lower after MSCI review

Pakistan Stock Exchange (PSX) on Wednesday experienced volatile trading as the benchmark KSE-100 index see-sawed throughout the day and closed slightly lower by 85 points following the latest MSCI market review. The bourse faced headwinds in the face of a series of challenging factors. Foreign financing outflow weighed on investor sentiment while uncertainty surrounding the Tax Amendment Bill 2024, which seeks to restrict non-filers from investing in the stock market, fueled caution. Additional concerns about foreign debt repayments, EU review of Pakistan's GSP Plus status and political noise contributed to the negative close of the market. The index kicked off trading on a strong note, reaching the intra-day high of 113,436.72. However, as the day progressed, market interest shifted, resulting in a dip that took the KSE-100 to the intra-day low of 112,621.14.