Stocks trim early losses on late buying decision

The sentiment on the Pakistan Stock Exchange (PSX) remained bearish as panicky investors continued to reduce their holdings amid ongoing border tensions with India, causing the benchmark KSE index to lose over 1,000 points intraday ahead of the monetary policy announcement. Ahsan Mehanti of Arif Habib Corporation said the PSX turned flat after the government took tit-for-tat security measures to ban the use of its ports by Indian flag carriers, SBP monetary policy uncertainty and a slump in global crude oil prices. He noted that the rupee instability and fears over the outcome of heightened tensions between nuclear-armed neighbours turned equity investors cautious, leading to a negative closing.