PSX: Selling at bourse, KSE-100 down 300 points
Selling pressure was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index shedding over 300 points during the opening minutes of trading on Friday. At 10:30am, the benchmark index was hovering at 174,627.46, down by 302.22 points or 0.17%. Selling was observed in key sectors, including commercial banks, oil and gas exploration companies, OMCs, power generation and…
The Pakistan Stock Exchange (PSX) experienced a significant downturn on Friday, with the KSE-100 Index dropping over 300 points during the early trading hours. At 10:30am, the index was at 174,627.46, a decline of 302.22 points or 0.17%. The selling pressure was particularly notable in sectors such as commercial banks, oil and gas exploration firms, OMCs, power generation, and refineries. Shares of key companies including HUBCO, POL, PPL, NBP, and UBL were trading in the red.
The volatility in the PSX stemmed from rising international oil prices, fueled by ongoing geopolitical conflicts, which kept investors on edge. Although there was a brief late-session profit-taking, it was insufficient to erase the modest recovery in the KSE-100 Index. The index rebounded, closing at 174,929.69, up 153.09 points or 0.09%.
In contrast, global equities rose on Friday amid a rally ahead of key U.S. jobs data. Bonds, however, found some relief following comments from a top Federal Reserve official who suggested signs of disinflation, potentially leading to a pause in rate hikes. The dollar retreated, bolstering the yen, which gained 2.6% against the dollar and came close to the 155.2 level reached after a joint Tokyo and Washington intervention in late July.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
