Index loses 755 points on LSM contraction
The continued contraction in big industry output shattered investor confidence, causing the Pakistan Stock Exchange (PSX) to snap its northward journey on Wednesday despite an overnight rating upgrade by Fitch. Ahsan Mehanti of Arif Habib Corporation said the PSX closed sharply lower in the earning season amid a 3.5pc year-on-year contraction in Large-Scale Manufacturing in February and investor fears over the outcome of the US-China trade tariff. Rupee instability and dismal cement sales for March also dampened investor sentiments, leading to a bearish close at PSX. Topline Securities Ltd said the local bourse witnessed a hot and cold session, reflecting a mix of optimism and caution among investors. The market opened on a strong footing, gaining as much as 648 points in early trade. However, the momentum fizzled out in the second half as profit-taking took centre stage.