PSX plunges over 2,750 points as profit-taking erupts

KSE-100 hits intra-day low of 168,828 after aggressive selling wipes out early gains

KARACHI:

The Pakistan Stock Exchange (PSX) witnessed a turbulent session on Thursday, with the benchmark KSE-100 index plunging by over 2,750 points as investors opted for aggressive profit-taking at higher levels.

The market, which had previously shown resilience near the 171,000 mark, faced immediate selling pressure shortly after the opening bell. The index reached an intra-day high of 171,561.74, but the momentum quickly fizzled out.

By midday, the KSE-100 was hovering at 168,828.24, representing a sharp decline of 1.6%, or 2,751.06 points, from the previous close of 171,579.30.

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Market analysts attribute this decline to a combination of technical corrections and cautious sentiment among institutional investors. After a period of sustained bullish activity that saw the index hitting record highs earlier in the year, the current slide reflects a “cooling-off” period.

Trading activity remained high, with a total volume of over 211 million shares changing hands, valued at approximately Rs11.46 billion.

The “Market Status” remains open, but the index is currently trading at its intra-day low, suggesting that the bearish sentiment may persist until the closing bell unless a late-session recovery is triggered by value hunters.

Sector-wise, major laggards included heavyweights in the banking, cement, and energy sectors, which have led the recent rally.