KARACHI: The Pakistan stocks experienced selling pressure during Thursday’s trading session even though the government took requisite taxation measures through the Finance (Supplementary) Bill 2023 to complete the International Monetary Fund’s (IMF) ninth review, analysts said.

An analyst at Pearl Securities said the government’s decision to increase the petroleum products’ prices further fuelled selling pressure.

“Profit-taking was encouraged on the expectations of an early Monetary Policy Committee (MPC) meeting; wherein, the policy rate is expected to increase given yields in the secondary markets have substantially rallied.”

The KSE-100 Index closed at 41,078.65 points, down 248.20 points, or 0.60 per cent. The volumes increased 3.3 per cent from 137.4 million shares to 141.9 million shares.

An analyst at Arif Habib Limited said the benchmark KSE-100 Index opened in the green territory but rumours of an emergent Monetary Policy Committee meeting kept the index choppy and traded in the narrow range throughout the day, as the investors’ participation remained sluggish. However, in the last trading hour, an across-the-board profit-selling was observed, which led the index to close in the red zone.

Going forward, the analysts expect volatility to persist in the benchmark KSE-100 Index until the IMF’s ninth review can be successfully concluded.

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