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PSX sinks over 1,200 points amid profit-taking, IMF concerns | The Express Tribune
The Pakistan Stock Exchange (PSX) closed sharply lower on Monday as heavy profit-taking dragged the KSE-100 index down by 1,237.67 points, or 0.73%, to settle at 167,752.40.
The sell-off came amid investor caution following reports that the International Monetary Fund (IMF) raised concerns over discrepancies in trade data reported by Pakistan Single Window (PSW) and Pakistan Revenue Automation Limited (PRAL), putting recent macroeconomic progress under scrutiny.
Analysts termed the phase as a temporary pause and expected a renewed investor confidence to reurn soon.
Read: PSX maintains record-breaking drive
Market experts attributed the drop to a combination of domestic and geopolitical factors. M. Waqas Ghani, Head of Equity Research at JS Global, said stocks came under pressure due to a widening trade deficit and IMF reservations on select policy items, though he expects sentiment to improve once the next IMF disbursement arrives.
Mohammed Awais Ashraf, Director Research at AKD Securities, noted investor caution over the reported trade data gaps but added that SBP data shows no cause for concern, reflecting the actual flow of dollars in and out of the country.
Trading details
Overall volumes decreased to 1.27 billion shares from 1.57 billion in the previous session, with a total stock value of Rs60.5 billion. Stocks of 487 companies were traded, of which 108 closed higher, 348 declined, and 31 remained unchanged. The Bank of Punjab led trading volumes with 131.4 million shares, rising Rs0.96 to Rs34.46.
Equity trader Ahmed Sheraz highlighted heightened volatility, driven by geopolitical tensions with India and domestic uncertainty due to Pakistan’s partial non-compliance with IMF targets. He added that the IMF has requested clarification on an $11 billion discrepancy in trade data reported by two government entities over the past two fiscal years, raising concerns over the credibility of official financial statistics.
At a meeting of the local authority’s executive on Tuesday, MacBeath said the scheme aimed to move beyond emergency aid by helping families become more financially “resilient”, offering advice on managing money, accessing benefits, reducing debt and finding work.
People with lower incomes benefitted less from the house-buying scheme than those with high incomes, the influential think tank says.
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Lucid electric vehicles are seen at the New York International Auto Show on April 2, 2026.
Danielle DeVries | CNBC
Lucid Group has named the former chairman and CEO of Schindler Group, an industrial manufacturer of escalators and elevators, as its new chief executive.
Silvio Napoli, who spent nearly 31 years at Schindler, is set to become the all-electric vehicle maker’s second CEO following the abrupt departure of Lucid founder Peter Rawlinson in February 2025.
Interim CEO Marc Winterhoff will remain with the company as its chief operating officer once Napoli takes the reins, according to Lucid. A company spokesman said Napoli is expected to begin as CEO in the coming weeks, pending completion of his relocation from Switzerland and U.S. visa process.
Shares of Lucid fell roughly 5% in midday trading, as the company also announced expanded investments Tuesday of $750 million from an affiliate of Saudi Arabia’s Public Investment Fund — its largest shareholder — and Uber Technologies.
The latter is an expansion of a previously announced tie-up with Uber that includes the ride-hailing company investing another $200 million in Lucid. Uber has also agreed to purchase at least 35,000 Lucid vehicles designed exclusively for use as part of Uber’s future global robotaxi service. That’s up from $300 million and 20,00 vehicles announced in July.
The PIF-backed investment is $550 million, according to Lucid.
Napoli, who also serves on the board of American-Irish multinational power management company Eaton Corp., has not previously led an auto company before, while Rawlinson and Winterhoff are automotive veterans.
The company said Napoli’s “deep operational expertise, financial discipline and track record of leadership in innovation” would position Lucid for its future growth plans, including upcoming midsize EVs and new autonomy initiatives.
“His expertise in capital allocation, operational efficiency and translating advanced technology into consistent high-quality performance over time will be critical as Lucid continues to scale and execute its strategy,” Lucid Chairman Turqi Alnowaiser said in a statement.
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