Index slips on flood warnings, rollover jitters

The Pakistan Stock Exchange (PSX) extended its losses for the third consecutive session on Wednesday, as investors remained cautious amid fresh flood warnings and economic concerns, coupled with rollover pressure ahead of the expiry of futures contracts. The benchmark KSE-100 index shed 941 points, closing below the 147,500 level. An early rebound was short-lived as selling pressure dominated the session, with risk aversion prevailing among investors. According to Topline Securities Ltd, the market remained under pressure due to futures rollover activity and heightened flood alerts issued by the National Disaster Management Authority (NDMA). The NDMA warned of “very high to exceptionally high” flood risks in Lahore and several areas of Punjab due to heavy rainfall and India’s release of water, prompting calls for military assistance in six districts.