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.
Market Opens Positive but Selling Pressure Intensifies
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 Decline to Profit-Taking and Global Uncertainties
Analysts attribute the decline to profit-taking after recent gains, coupled with cautious investor sentiment amid ongoing global uncertainties and domestic macroeconomic considerations. 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.
