Stocks lost ground Tuesday as earnings tailwinds faded, a higher-than-expected October consumer price index (CPI) and possible constitutional changes doused risk.
“The result season is close to an end, and inflation has come in higher than expected. This has caused a period of consolidation,” said Ahfaz Mustafa, CEO of Ismail Iqbal Securities.
“We will see movement in the market depending on the new flow, especially pertaining to the 27th amendment and the NFC [National Finance Commission] award,” he added.
The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index settled at 161,281.76 points, down 1,521.39 points, or 0.93%, from the previous close of 162,803.15.
During the session, the index climbed to an intraday high of 163,384.95, gaining 581.8 points, or 0.36%, before retreating to a low of 161,159.26, reflecting a fall of 1,643.89 points, or 1.01%.
Political developments also figured in sentiment after Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto Zardari said a Pakistan Muslim League-Nawaz (PML-N) delegation led by Prime Minister Shehbaz Sharif sought the party’s support for a proposed 27th Constitutional Amendment.
According to details he shared, the package contemplates a Constitutional Court, restoration of executive magistrates and changes to judicial appointments, alongside proposals touching the NFC Award, Article 243, and federal control over education and population planning.
Price pressures added to caution. Headline consumer price index (CPI) rose 6.2% year-on-year in October versus 5.6% in September, driven by food, where perishable items spiked amid flood damage and border-related disruptions to trade routes.
On Monday, the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index gained 0.72% to close at 162,803.15 from 161,631.73, trading between 163,935.03 and 161,892.59 during the session.
