- The KSE-100 index closed at 161,281.76 points, down 1,521.39 points.
- Session low recorded at 161,159.26 points, down 1,643.89 points.
- The index recorded an intraday high at 163,384.95, up 1,643.89 points
The stock market fell on Tuesday as investors consolidated their positions towards the end of earnings season, with a higher-than-expected inflation reading in October and uncertainty around possible constitutional changes keeping risk appetite in check.
The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index settled at 161,281.76 points, down 1,521.39 points, or 0.93 percent, from the previous close of 162,803.15.
During the session, the index rose to an intraday high of 163,384.95, gaining 581.8 points, or 0.36%, before retreating to a low of 161,159.26, reflecting a decline of 1,643.89 points, or 1.01%.
“The earnings season is coming to an end and inflation is higher than expected. This has caused a period of consolidation,” said Ahfaz Mustafa, CEO of Ismail Iqbal Securities.
“We will see movements in the market based on new flows, particularly regarding the 27th Amendment and NFC. [National Finance Commission] price,” he added.
Political developments also figured in the sentiment after Pakistan People’s Party (PPP) Chairman Bilawal Bhutto Zardari said a delegation of the Pakistan Muslim League-Nawaz (PML-N) led by Prime Minister Shehbaz Sharif had sought the party’s support for a proposed 27th constitutional amendment.
According to details he shared, the package envisions a Constitutional Court, the reinstatement of executive magistrates and changes in judicial appointments, as well as proposals regarding the NFC award, Section 243 and federal control over education and population planning.
Price pressures add to caution. The headline consumer price index (CPI) rose 6.2% year-on-year in October from 5.6% in September, led by food, where perishable products increased due to flood damage and border-related trade route disruptions.
On Monday, the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) gained 0.72 per cent to close at 162,803.15 from 161,631.73, trading between 163,935.03 and 161,892.59 during the session.
