KSE-100 Index Falls 1,600 Points as Selling Returns to PSX
The Pakistan Stock Exchange (PSX) faced heavy selling on Thursday. The KSE-100 Index falls over 1,600 points during intra-day trading. The session started on a positive note but quickly reversed.
The index hit a high of 159,507.41 before investors began profit booking. As a result, it dropped to an intra day low of 156,327.60. By 3:20 pm, the index stood at 156,819.92 down 1,645 points or 1.04%.
Losses Across Major Sectors
Selling pressure spread across major sectors. These included commercial banks, fertiliser, oil and gas exploration, power generation, and refinery. Heavyweights such as ARL, MARI, OGDC, POL, PPL, MCB, MEBL, and UBL all traded lower.
On Wednesday, the PSX had already seen continued selling. Investors appeared cautious amid weak institutional participation and rollover concerns. The index dropped 1,635 points, or 1.02%, to close at 158,465.06.
Mixed Global Market Sentiment
Meanwhile, Asian markets gained ground. The rise came after the US Federal Reserve cut interest rates. At the same time, US and Chinese leaders met to discuss trade ties. MSCI’s Asia-Pacific index (excluding Japan) climbed 0.4%, while S&P 500 futures rose by the same margin.
However, the yen weakened after the Bank of Japan decided to keep interest rates unchanged. The Nikkei 225 index fluctuated throughout the day, ending 0.2% higher.
Global markets remain cautious as several central banks reveal their policy directions. Many investors are watching how interest rate decisions and trade tensions between the US and China will shape economic trends.
US President Donald Trump and Chinese leader Xi Jinping are meeting in South Korea. The two sides are seeking a fragile truce in their ongoing trade dispute. Still, many believe long-term challenges will persist.
The Federal Reserve’s rate cut of a quarter percentage point was widely expected. However, traders have now lowered the odds of another cut in December.
