The Pakistan Stock Exchange (PSX) saw early gains fade into losses on Tuesday, with the benchmark KSE-100 Index shedding more than 400 points.
The market opened in positive territory, and at one point during trading, the KSE-100 climbed to an intraday high of 163,384.95 points. However, the early momentum could not be sustained, and the index later slipped to an intraday low of 162,238.70 points.
By 11:00 AM, the benchmark index stood at 162,381.93 points, down 421 points or 0.26%.
Selling pressure was visible across key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, oil marketing companies, and power generation stocks. Shares of HUBCO, Mari, OGDC, PPL, POL, MEBL, and MCB all traded in the red.
A major development influencing sentiment was the Federal Board of Revenue Chairman Rashid Mahmood Langrial’s statement rejecting any contingency plans for new tax measures, despite a Rs275 billion revenue shortfall during July–October (FY2025-26).
On Monday, PSX had started the week on a strong note, with the KSE-100 Index closing 1,171.42 points or 0.72% higher at 162,803.16.
International Market Overview
Globally, technology stocks pushed Japan’s Nikkei and Taiwan’s Taiex to fresh all-time highs on Tuesday, though other regional markets weakened after their recent record-breaking rallies.
Investors were cautious after signs of softness in U.S. economic data, while mixed comments from Federal Reserve officials added uncertainty to expectations of a possible rate cut in December.
Australia’s benchmark stock index fell to a one-month low ahead of the central bank’s policy decision, where no rate cut is expected. Traders are watching whether last month’s inflation shock has delayed potential easing until at least the second quarter of next year.
Tech stocks continued to support the U.S. S&P 500 and Nasdaq, although futures pointed to declines of 0.3% and 0.5%, respectively. Japan’s Nikkei reversed early losses and rose 0.2% to a remarkable 52,636.87.
Taiwan’s Taiex climbed 0.5% to reach another record high.
South Korea’s KOSPI, after hitting its highest level on Monday with a 2.8% jump, retreated 1.5%. Hong Kong’s Hang Seng edged up 0.1%, while China’s onshore blue chips slipped 0.1%. Australia’s benchmark closed down 0.8%.
