Selling engulfs bourse, KSE-100 up sheds 1,100 points

After initial buying interest, selling pressure returned to the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 shedding over 1, 100 points during the intraday trading on Wednesday. At 12: 35pm, the benchmark index was hovering at 167, 284. 82, down by 1, 127. 41 points or 0. 67%. Selling was observed in key sectors, including commercial banks, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks, including ARL, HUBCO, OGDC, PPL, POL, MARI, MCB, MEBL and UBL, traded in the red. Finance Minister Muhammad Aurangzeb said on Tuesday that Pakistan has fulfilled most of the conditions set by the IMF, hoping the IMF executive board will approve the next $1. 2 billion tranche on May 8. He said that the board’s approval would unlock critical external inflows and stabilise Pakistan’s balance of payments, adding that an IMF mission is expected in mid-May to discuss next year’s budget proposals. On Tuesday, PSX remained under pressure for a second straight session as investors continued reacting to the State Bank of Pakistan’s unexpected 100 basis points increase in the policy rate, with volatility persisting throughout the day before the market closed lower amid broad-based selling in heavyweight sectors. The benchmark KSE-100 Index closed at 168, 412. 23 points, down 1, 085. 12 points or 0. 64%. Globally, markets got off to an uneven start in Asian trading on Wednesday as worries about the Iran conflict and health of the AI sector ​dominated ahead of the Federal Reserve’s decision and earnings from tech megacap stocks later in the session. MSCI’s broadest index of ‌Asia-Pacific shares outside Japan eased 0. 2%, retreating for a second day from record highs set on Monday, led by declines for Taiwanese chipmakers. Japanese markets were closed for a holiday. S&P 500 e-mini futures nudged up 0. 1%, while Brent crude rose 0. 4% to $111. 71 per barrel as efforts to end the Iran conflict hit an impasse. US President ⁠Donald Trump is unhappy with the latest proposal from Tehran as he wants nuclear issues dealt with from the outset, a US official said. The Wall ​Street Journal reported on Tuesday, citing US officials, that Trump has instructed aides to prepare for an extended blockade of Iran. Stocks on Wall Street sold off ​on Tuesday, with the S&P 500 sliding 0. 5% and the Nasdaq Composite falling 0. 9% as investors assessed the stalemate in Iran. This is an intraday update

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