Profit-Taking Drags KSE-100 Down Nearly 600 Points at PSX
The Pakistan Stock Exchange (PSX) opened lower on Thursday. KSE-100 profit taking continued as investors booked gains after a recent rally. The market shed almost 600 points in early trading, showing cautious sentiment among traders.
At 10:30 a.m., the benchmark index stood at 165,968.70 points, down 584.57 points or 0.35%. The decline reflected selling pressure across multiple sectors.
Key Sectors Face Selling Pressure
Investors sold shares in major industries, including automobile assemblers, cement, banks, and energy. In addition, oil and gas exploration companies, power producers, and refineries saw a sharp drop in prices.
Heavyweight stocks such as ARL, HUBCO, MARI, OGDC, POL, PPL, HBL, MEBL, and NBP all traded in the red. This broad-based selling signaled that traders were locking in profits after recent gains.
On Wednesday, the PSX also experienced a volatile session. The KSE-100 Index fell 793.56 points, or 0.47%, to close at 166,553.28 points. Therefore, Thursday’s losses extended the downward trend.
Global Markets Also Under Pressure
International sentiment remained weak. Asian stocks slipped for a second day on Thursday. Weak earnings from U.S. tech giants deepened losses on Wall Street. At the same time, new U.S. sanctions against Russia and China revived concerns about global geopolitics.
As a result, MSCI’s Asia-Pacific index (excluding Japan) dropped 0.3%, while Japan’s Nikkei 225 sank 1.5%. Chinese stocks in Hong Kong also fell 0.4%. Reports suggested that Washington may curb certain software exports to China after Beijing’s new restrictions on rare earth materials.
Meanwhile, S&P 500 e-mini futures inched up 0.1% after two days of declines. Netflix shares plunged over 10% following a weak quarterly outlook. Tesla also fell 3.8% in after-hours trading, even though its third-quarter revenue hit record levels.
Overall, both local and global markets reflected investor caution. However, analysts expect selective buying once prices stabilize.
