The Pakistan Stock Exchange (PSX) experienced another turbulent session, with the benchmark KSE-100 Index dropping by over 1,500 points due to profit-taking on Thursday.
Throughout the trading day, the KSE-100 Index saw significant fluctuations, but the final hours of trading brought heavy selling pressure, pushing the index to an intra-day low of 112,594.66.
By the end of the session, the KSE-100 Index closed at 112,638.26, marking a decline of 1,510.19 points or 1.32%.
Key sectors such as automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, and power generation all saw broad-based selling. Heavyweights like HUBCO, NRL, MARI, PSO, SSGC, SNGP, MCB, MEBL, NBP, and UBL all traded in the negative.
Intermarket Securities noted that the market’s near-term outlook remains weak, with limited positive triggers. Rising political uncertainties are also contributing to investor concerns.
The PSX had already witnessed a sharp decline on Wednesday, with the KSE-100 Index closing lower by over 1,900 points due to similar profit-taking activity, settling at 114,148.46.
On the global front, the bond market’s volatility, which had put pressure on equities and strengthened the US dollar, showed signs of slowing on Thursday. However, stocks continued to face selling pressure, and most Asian stock indices opened lower.
The US dollar remained stable, and oil prices slightly decreased, as global markets digested recent economic resilience in the US and inflation concerns. US Treasury yields were rising, influenced by the anticipation of fewer rate cuts by the Federal Reserve in 2025.
