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Stock market: PSX closes flat amid profit-taking, ADB’s cautious outlook | The Express Tribune
PAKISTAN:
It was a choppy day at the Pakistan Stock Exchange (PSX) on Wednesday, as the benchmark KSE-100 Index moved in both directions before ending the session almost flat.
The market opened on a strong note, touching an intra-day high of 166,522.61 points. However, confidence remained shaky and gains were short-lived following news circulating that the Asian Development Bank (ADB) kept Pakistan’s growth forecast unchanged at 3% and flagged delays in reforms, while fresh disclosures to the IMF about a $1 billion hit to exports from floods added to concerns.
Read: In stellar run, PSX climbs to new high
Despite the government projecting a lower current account deficit and banking on higher remittances, both lenders’ cautious tone was enough to dampen market enthusiasm. As a result, investors opted for profit-taking, dragging the index to a low of 164,155.32.
Despite the volatility, the bourse managed to recover some ground by the close, finishing at 165,640.34, in a flat state with a slight gain of just 0.09%, or 146.75 points.
KTrade Securities noted that the KSE-100 index closed at 165,640.34, gaining 146.75 points (+0.09%). Momentum came from banking, fertiliser, and energy names, while some pressure remained in other key sectors.
Read More: KSE-100 hits record as investors respond to IMF optimism
Overall, trading volume increased to 1.63 billion shares compared with Tuesday’s tally of 1.34 billion. Values of shares dropped to Rs69.6 billion from Tuesday’s figure of Rs76.7 billion.
Shares of 486 companies were traded. Of these, 173 closed higher, 287 dropped and 26 remained unchanged. K-Electric was the volume winner with trading in 299.7 million shares, gaining Rs0.39 to close at Rs7.34.
Early optimism in the session was fuelled by positive sentiment across select blue-chip stocks, but with the index hovering near record levels, many investors chose to book profits. This selling pressure outweighed fresh buying in the latter half, keeping the overall momentum in check.
Market direction unclear
The sideways close reflects growing investor caution amid uncertainty about interest rate policy, upcoming corporate earnings, and macroeconomic indicators. While underlying sentiment remains cautiously optimistic, further consolidation may be on the cards unless a fresh trigger emerges.
Volumes remained decent, but the indecisive trend suggests participants are waiting for clearer signals before making aggressive moves.
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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NEW DELHI: India’s crude imports from Russia surged in March, with purchases at nearly Rs 5.3 billion (about $6.2 billion) compared with Rs 1.4 billion ($1.6 billion) the previous month, amid the military conflict in West Asia and closure of the Strait of Hormuz.In its latest analysis of Russian fossil fuel exports and sanctions, Centre for Research on Energy and Clean Air (CREA) said India imported Rs 5.8 billion worth of Russian hydrocarbons in March – the second-highest after China – as both volumes and prices increased. Crude accounted for 91% of imports, followed by coal and oil products.The report added India’s total crude imports fell 4% in March, but those from Russia rose four times.
State Refiners Largest Buyers Of Russian Fuel
“The biggest shift was in state-owned refineries’ imports from Russia, which saw a massive 148% month-on-month increase. Their imports were in fact 72% higher than in March 2025, presumably due to Russian barrels being more available in the spot market,” it said. Private refineries registered more than 66% month-on-month increase.In Feb, India was the third-largest importer of Russian hydrocarbons after China and Turkiye, with purchases valued at Rs 1.8 billion and crude accounting for nearly 81% (Rs 1.4 billion) of shipments. The value and volume of imports, however, may differ. Russian Urals were earlier available to India at a discount, but prices surged due to the closure of Hormuz.Though India has been importing Russian barrels in large volumes over the past four years, shipments dipped in Jan and Feb before surging again in March after the US granted a one-month sanctions waiver to ease prices.
US president Donald Trump has said “Aberdeen should be booming” as he said the UK Government is “absolutely crazy” not to boost oil and gas extraction in the North Sea.
Mr Trump took to his Truth Social page on Tuesday to criticise UK policy in the basin, with the Labour-led Government moving towards renewable energy.
In the seemingly unprompted post, the US leader said: “Europe is desperate for Energy, and yet the United Kingdom refuses to open North Sea Oil, one of the greatest fields in the World. Tragic!!!
“Aberdeen should be booming. Norway sells its North Sea Oil to the U.K. at double the price. They are making a fortune. U.K., which is better situated on the North Sea for purposes of energy than Norway, should, DRILL, BABY, DRILL!!!
“It is absolutely crazy that they don’t… AND, NO MORE WINDMILLS!”
The US president has long voiced his dislike of wind energy, particularly offshore wind, having launched a battle with the Scottish Government to stop a development which was visible from his Aberdeenshire golf course.
His comments are the latest in a line of outbursts about the UK’s energy policy, including a Truth Social post where he urged the Government to “incentivise the drillers”.
Scotland’s First Minister John Swinney said he did not agree with Mr Trump.
He said during Channel 4’s Holyrood election debate: “I don’t agree with President Trump about drill, baby, drill.
“I think we’ve got enormous challenges about energy but Scotland is an energy-rich country which is developing formidable renewable energy resources.”
Mr Swinney said “the problem for Scotland” was “the same problem we had in the 1970s with oil”.
“We don’t see the economic benefit of the energy wealth of Scotland, and I want to make sure Scotland’s energy is in Scotland’s hands,” he said.
Scottish Labour leader Anas Sarwar criticised the US president for trying to “dictate” to Scotland but said the Rosebank and Jackdaw oil fields should be allowed to open.
Malcolm Offord, Reform UK Scotland leader, said he agreed with Mr Trump, while the Scottish Greens said new oil exploration was “not compatible” with the climate crisis.
A spokesperson for the UK Government’s Department for Energy Security and Net Zero said: “We are taking action to bear down on the cost of living, including taking £117 off average energy bills this month and supporting de-escalation in the Middle East.
“The lesson of yet another fossil fuel crisis is the UK needs to get off the fossil fuel rollercoaster and on to clean homegrown power we control.”
A Freedom of Information (FOI) request to the North Sea Transition Authority (NSTA) by the Press Association revealed that there were 351 Seaward Production Licences in force in the UK Continental Shelf as of March 4.
An NSTA letter to the Environmental Audit Committee in September 2022 set out that from 2004 onwards, the average time from licence award to production is approximately five years – including both old and new discoveries.
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