After an early buying rally, the Pakistan Stock Exchange (PSX) experienced a sharp downturn on Thursday, with the benchmark KSE-100 Index losing almost 1,100 points during intra-day trading.
The session opened on a positive note, but the optimism faded as profit-taking and selling pressure gripped the market. By 2:30 pm, the KSE-100 Index was recorded at 158,497.47 points, down 1,080.72 points or 0.68%.
Selling was evident across major sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration, refineries, and power generation. Heavyweight stocks such as Attock Refinery Limited (ARL), Hub Power Company (HUBCO), Mari Petroleum (MARI), Oil and Gas Development Company (OGDC), Pakistan Oilfields (POL), Pakistan Petroleum Limited (PPL), Pakistan State Oil (PSO), MCB Bank, Meezan Bank (MEBL), and National Bank of Pakistan (NBP) traded in the red.
This follows Wednesday’s session, which also saw a steep fall as the KSE-100 Index plunged by 1,703.58 points (1.06%), closing at 159,578.19 points amid profit-taking and a lack of new market triggers.
On the international front, Asian markets rebounded on Thursday, reversing earlier losses after encouraging US economic data improved investor sentiment. Japan’s Nikkei surged 1.5%, South Korea’s Kospi climbed over 2%, and MSCI’s Asia-Pacific Index (excluding Japan) rose 0.32%.
The rebound came after US economic indicators showed stronger-than-expected service sector growth and private payroll increases, easing fears of a market correction. However, US Treasury yields remained elevated as traders adjusted expectations regarding potential Federal Reserve rate cuts, keeping the US dollar near a five-month peak.
Analysts noted that while the global rebound may stabilize investor confidence, the PSX remains under pressure from local profit-taking and economic uncertainty.
