The capital market fell sharply on Tuesday as market participants adopted a cautious stance ahead of the upcoming federal budget.
The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index fell to an intraday low of 118,527.09 points, down 1,162.54 points, or 0.97%, from the previous close of 119,689.63.
The index touched a high of 119,900.37 points, posting a modest gain of 210.74 points, or 0.18%, before reversing course amid selling pressure.
“The market is now anticipating the new budget and the new policies or taxation that will be introduced. This is causing participants to adopt a wait-and-watch strategy in order to gain clarity before making any moves,” said Ahfaz Mustafa, CEO of Ismail Iqbal Securities.
The session followed a largely range-bound performance on Monday.
On Monday, the KSE-100 Index closed nearly flat after a volatile session, ending the day up just 40.49 points, or 0.03%, at 119,689.63. The index had traded within a wide range of 1,034.87 points, between a high of 120,285.54 and a low of 119,250.67.
This is a developing story and is being updated with more details
