Stocks fall slightly in absence of triggers

Pakistan Stock Exchange (PSX) on Thursday fell slightly in range-bound trading as investors awaited market-moving triggers and resorted to profit-taking in a couple of key sectors. In the morning, the KSE-100 index kicked off trading on a positive note and with continuous fluctuations, it reached the intra-day high of 114,457 points just before midday. Afterwards, the index started falling gradually and took a deep dive to the intra-day low of 113,730 towards the close of trading. According to analysts, the market lacked the required positive triggers with focus on corporate and tax reforms ahead of the upcoming International Monetary Fund (IMF) review of its loan programme. "Stocks closed lower amid pressure in the pre-budget session as investors eyed corporate and provincial tax reforms ahead of the IMF review of federal budget proposals," said Ahsan Mehanti of Arif Habib Corp. "Uncertainty about deals with independent power producers and the outcome of tax reforms played the role of catalysts in bearish close," he said.