PSX breaks trajectory, plummets over 2,800 points

Bears dominate as KSE-100 sheds 1.58% on profit-taking and cautious sentiment

KARACHI:

The Pakistan Stock Exchange (PSX) witnessed a sharp reversal in the midday trading session on Friday, with the benchmark KSE-100 Index plunging over 2,800 points before trading was suspended.

According to the latest market highlights, the Index stood at 178,539.46, reflecting a significant loss of 2,858.75 points or 1.58% from Thursday’s close of 181,398.21.

The market opened on a positive note, touching an intraday high of 182,185.87, building on yesterday’s positive performance where the KSE-100 had gained around 887 points.

However, selling pressure intensified soon after, driving the Index to a low of 178,489.02. Heavy trading activity was recorded with volume reaching approximately 283.7 million shares and a total value of Rs22.67 billion.

Analysts attribute the decline to profit-taking after recent gains, coupled with cautious investor sentiment amid ongoing global uncertainties and domestic macroeconomic considerations.

Read: PSX hits fresh recent highs with 887-point

Sectors like banking, energy, and textiles saw mixed movements, with some blue-chip stocks facing notable pressure. The broader market showed 307 advancing issues against 137 decliners earlier in the session, but momentum shifted rapidly toward the downside.

This volatility comes after a period of relative strength in the PSX, supported by an improved regional situation following a US-Iran deal brokered by Pakistan.

However, thin triggers for fresh buying and a global risk-off mood appear to have weighed on local investors after the Fed’s hawkish policy.