Bloodbath at PSX! KSE-100 Index down over 1,700 points
The benchmark index tanked nearly 4% amid fears over the worsening economic condition of the country.
Bloodbath took over the Pakistan Stock Exchange (PSX) during Thursday’s session, and the market continued with huge losses for the fifth consecutive day.
The economic uncertainty is hitting the Pakistan Stock Exchange hard.
A bearish trend prevailed as the KSE-100 index plunged 1,747.63 points to 44,496.92 by 2:49 pm, down 3.78pc from yesterday’s close of 46,244.55.
During the trading, the market at first fell below the 45,000 mark and then the 44,000 level.
However, the market was able to recover some of the losses and closed the session at 45,081.01 against the previous day’s level of 46,244.55.
The selling pressure was witnessed across the board, from automobile assemblers and commercial banks to oil and gas exploration as well as marketing companies.
However, it remained more visible in the case of entities related to energy and banking.
The KSE-100 continued to be under severe selling pressure owing to a lack of confidence emanating from a weak economy, particularly the depreciating rupee, according to Intermarket Securities’ Equity head Raza.
The last time the market fell so sharply (by over 1,500 points by day’s end) was after then-prime minister Shehbaz Sharif’s announcement of a 10 percent “super tax“ on large-scale industries in June 2022.
