PSX suffers heavy selling as KSE-100 index drops over 1,500 Points
The Pakistan Stock Exchange (PSX) witnessed intense selling pressure on Thursday, causing the KSE-100 Index to plunge by over 1,500 points during intra-day trading. By 11:50 am, the benchmark index stood at 110,889.39, reflecting a significant decline of 1,525.41 points or 1.36%.
Prominent sectors, including cement, commercial banks, fertilizers, and refineries, bore the brunt of the selling pressure. Major stocks such as NRL, HUBCO, MARI, POL, ENGRO, HBL, FABL, and SILK traded in negative territory, contributing to the sharp decline.
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The PSX had already shown signs of weakness earlier in the week. On Tuesday, the market closed with a drop of 1,509.61 points, or 1.33%, ending at 112,414.81. This decline was attributed to rollover and year-end selling pressures. Trading activity was interrupted on Wednesday due to a public holiday, adding to the volatility seen on Thursday.
While the PSX struggled, Asian markets displayed modest gains in holiday-thinned trading on Thursday. The MSCI’s broadest index of Asia-Pacific shares outside Japan edged up by 0.04%, influenced by earlier Wall Street trends and positioning for a near 2% weekly gain.
In contrast, US markets remained steady as investors shifted focus to the Federal Reserve’s interest rate outlook. Comments from Fed Chair Jerome Powell about limited rate cuts in 2025 have heightened expectations of approximately 35 basis points of easing next year. This shift has pushed US Treasury yields higher, with the 10-year yield steady at 4.5967% after crossing 4.6% for the first time since May. The two-year yield also rose to 4.3407%.
Also See: Latest gold prices in Pakistan (updated daily)
The stronger US dollar, hovering near a two-year high, has exerted downward pressure on commodities and gold prices. Global trading volumes have thinned as year-end approaches, with many markets, including Hong Kong, Australia, and New Zealand, closed for holidays on Thursday.
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