Bears take control as PSX plunges over 5,000 points
The Pakistan Stock Exchange’s (PSX) benchmark index KSE-100 plunged over 5,000 points on Thursday.
An illustrative image related to: Bears take control as PSX plunges over 5,000 points, highlighting key aspects of the story. | Image source: Dawn.com
Bears take control as PSX plunges over 5,000 points
The Pakistan Stock Exchange’s (PSX) benchmark index KSE-100 plunged over 5,000 points on Thursday.
The KSE-100 declined by 5,405.48 points or 3.41 per cent to close at 152,907.96 from the previous close of 158,313.44.
The index rose to an intraday high of 157,591.23 points at around 10:05am, and then declined to an intraday low of 152,668.07 points at around 3:15pm, before settling at 152,907.96.
According to Topline Securities, “the market experienced sustained selling pressure throughout the day”.
It further stated that the index “predominantly” traded in “negative territory as investors remained cautious amid persistent volatility in global oil prices and ongoing global uncertainty”.
Topline Securities observed that “key index-heavy stocks, including United Bank Limited, Fauji Fertiliser Company, Engro Holdings Limited, Lucky Cement Limited, and the Hub Electricity Company Limited, acted as senior officer drags on the market”.
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