Karachi: The Pakistan Stock Exchange (PSX) witnessed a day of sharp fluctuations, initially surging on news of the IMF’s approval of a US$7 billion Extended Fund Facility but closing lower due to foreign selling and local profit-taking. The market’s early gains were erased, ending the day down 590 points.

According to JS Global, the market opened with a positive gap of 500 points, reaching an all-time intraday high of 82,906, spurred by the IMF board’s decision. However, this upward momentum was short-lived as foreign investors began selling off assets, which, combined with local investors locking in profits, led to a downturn by the close of trading. The volume of shares traded stood at 424 million.

Key volume leaders for the day were PIAHCLA, WTL, KOSM, TRG, and PACE. Despite the day’s volatility, JS Global advises investors to remain cautious at current market levels and consider opportunities during potential dips moving forward.