PSX slides for second straight session
The stock market extended its overnight bearish trend on Thursday as investors continued to offload positions to lock in profits ahead of the rollover week’s close. Ahsan Mehanti of Arif Habib Corporation attributed the decline to concerns over rupee instability, expectations of further depreciation amid rising imports and subdued remittances, as well as persistent inflation. He added that unresolved issues raised by trade bodies regarding the Federal Board of Revenue’s enforcement powers, along with reports that the IMF had rejected a proposed reduction in industrial power tariffs, also weighed on investor sentiment. Topline Securities noted that, after a sustained rally in recent sessions, the local bourse experienced a pullback, with the KSE-100 index undergoing a volatile session. The index swung between an intraday high of 613 points and a low of 561 points before closing at 138,692 — down 561 points or 0.4pc.