Stock exchange plummets 718 points as Asian markets drop
KSE Index shed 790 points within the first hour of trading, as cement and pharmaceutical stocks come under pressure
KSE Index shed 790 points within the first hour of trading, as cement and pharmaceutical stocks come under pressure
KARACHI:
The benchmark index of the Pakistan Stock Exchange (PSX) lost 2.2% or 718 points during intra-day trading, following a drop in stocks across Asian markets on Thursday.
The KSE-100 Index shed 790 points within the first hour of trading, as cement and pharmaceutical stocks came under pressure.
Speaking to The Express Tribune, Intermarket Securities Head of International Sales Dr Gohar Rasool said both institutional and foreign selling dominated for the most part of Thursday’s trading.
Foreign selling and the much-anticipated interest rate increase by the US Federal Reserve in the second half of 2015 are two of the many factors that have made the Pakistani share market more aligned with international trends.
Pakistan Stock Exchange formally launched
“Our stock market lost the so-called isolation from the international markets September onwards,” he said.
Stocks in the United States remained under pressure in the last session, as the technology sector was 'bludgeoned' by a sell-off, following a Morgan Stanley report that downgraded the industry to underweight ahead of major earnings reports, Gohar added.
Ending its three-year bull run as one of the best-performing stock markets worldwide, the Pakistani share market had remained largely flat in 2015.
The KSE-100 Index had gained just 685 points over the last year, resulting in a meagre annual return of 2.1%.
The benchmark index of the Pakistan Stock Exchange (PSX) lost 2.2% or 718 points during intra-day trading, following a drop in stocks across Asian markets on Thursday.
The KSE-100 Index shed 790 points within the first hour of trading, as cement and pharmaceutical stocks came under pressure.
Speaking to The Express Tribune, Intermarket Securities Head of International Sales Dr Gohar Rasool said both institutional and foreign selling dominated for the most part of Thursday’s trading.
Foreign selling and the much-anticipated interest rate increase by the US Federal Reserve in the second half of 2015 are two of the many factors that have made the Pakistani share market more aligned with international trends.
Pakistan Stock Exchange formally launched
“Our stock market lost the so-called isolation from the international markets September onwards,” he said.
Stocks in the United States remained under pressure in the last session, as the technology sector was 'bludgeoned' by a sell-off, following a Morgan Stanley report that downgraded the industry to underweight ahead of major earnings reports, Gohar added.
Ending its three-year bull run as one of the best-performing stock markets worldwide, the Pakistani share market had remained largely flat in 2015.
The KSE-100 Index had gained just 685 points over the last year, resulting in a meagre annual return of 2.1%.