PSX down despite IMF agreement

The benchmark KSE-100 ended Thursday lower despite a staff-level understanding with the IMF, sliding 1,138.50 points to 167,441.91, a fall of 0.68 per cent, according to The Express Tribune. The index had climbed about 900 points early on and reached nearly 169,500 before sellers took control, with fresh regional tensions adding to the pressure. Trading activity eased to 365.9 million shares from 586.9 million the previous session, with value traded at Rs17.7 billion.

Market commentary attributed the reversal to profit-taking at higher levels, with the index ending near its session low. Topline reported that 324 of the 496 companies traded fell, 130 rose and 42 finished flat. Among the largest drags, UBL, FFC, SYS, EFERT and POL together cost the index 394 points.

Elsewhere, Houthi strikes on a pair of Saudi airports left three dead and dozens hurt, adding to regional unease. The report also flagged a government remark that Pakistan could meet its EV sales goal for 2030 sooner, as higher petrol prices push buyers towards electric vehicles. Meanwhile, the IMF staff-level deal could release around $1.2 billion under the Extended Fund Facility and the Resilience and Sustainability Facility after executive board approval.