PSX ends lower despite Moody's upgrade

The Express Tribune reported that the Pakistan Stock Exchange finished lower on Monday, with the KSE-100 shedding close to 200 points despite a firm start. Earlier in the session the index climbed to an intra-day peak of 178,123, but profit-taking then pulled it back below the 178,000-180,000 resistance band. The benchmark settled at 176,966.69, a decline of 199.84 points or 0.11 per cent.

Moody's raised Pakistan's sovereign credit rating to B3 from Caa1, citing headway in rebuilding foreign currency reserves and ongoing economic reforms, according to The Express Tribune. Arif Habib Limited, in its daily report, said better governance could help the government keep recent external gains and strengthen fiscal indicators. Separately, Army Chief Asim Munir's trip to Iran came amid efforts to ease tensions between Tehran and Washington.

Topline Securities said market breadth was mixed, with 47 shares advancing and 51 declining, as traded value reached Rs44.10 billion on volumes of 934 million shares. Oil and Gas Development Company, Pakistan Petroleum and Maple Leaf Cement led the gains, rising 1.62 per cent, 2.08 per cent and 3.88 per cent. Meezan Bank, Service Industries and Systems Ltd were among the main laggards, with Service Industries falling 4.33 per cent and Meezan Bank 1.07 per cent.