Investors engaged in profit-taking at the Pakistan Stock Exchange (PSX) as the KSE-100 Index experienced a substantial correction, witnessing a drop of over 1,150 points on Wednesday.
The benchmark index closed near 65,280.16, marking a 1.73% decrease. The sell-off was widespread, affecting sectors like automobile assemblers, cement, chemicals, commercial banks, and refineries.
Analysts considered this correction as much-needed, attributing it to highly leveraged positions and local institutions selling. Volatility on the political front, along with a Supreme Court decision related to military trials, contributed to bearish sentiment.
The State Bank of Pakistan’s decision to maintain the policy rate at 22% was in line with market expectations. In a significant development, Aramco signed agreements to acquire a 40% equity stake in Gas & Oil Pakistan Ltd. (GO).
