Share prices seesaw at Pakistan Stock Exchange

The Pakistan Stock Exchange (PSX) observed a negative trend during early trading on Friday as investors remained cautious over Pakistan’s ongoing IMF review and uncertainty surrounding developments in the Middle East, reported 24NewsHD TV channel.

At Friday prayers break, selling wave subsided and the Pakistan Stock Exchange index gained 133.92 points to reach 170,632.86 points, or 0.08 percent.

During early trading, selling pressure was seen across major sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies and oil marketing companies. Refinery stocks also declined despite progress on long-awaited upgrade agreements.

Earlier on Thursday, the market opened on a positive note, with the KSE-100 Index gaining 186 points to reach around 172,400 points during early trading.

However, the market came under pressure as the session progressed, with the bearish trend continuing until the close. The benchmark index ultimately shed 1,733 points, closing at 170,498 points.

Cnergyico Pakistan Limited, National Refinery Limited and Attock Refinery Limited have signed agreements with the government to upgrade their facilities under the brownfield refinery policy.

Investors were also monitoring Pakistan’s engagement with the International Monetary Fund as an IMF mission began discussions with Pakistani authorities for the fourth review under the $7 billion Extended Fund Facility and the Resilience and Sustainability Facility.

Prime Minister Shehbaz Sharif also met IMF Managing Director Kristalina Georgieva on the sidelines of the United Nations General Assembly. According to the Prime Minister’s Office, the two sides discussed Pakistan’s reform programme.

Reporter: Basim Iftikhar