Equities plunge below 169,000 on panic-selling
KARACHI: Bearish sentiment dominated the Pakistan Stock Exchange (PSX) on Thursday, pushing the benchmark index below 169,000 amid widespread panic selling by nervous investors for the fourth session in a row. Driven by heightened economic uncertainty stemming from high oil prices caused by supply disruptions and intensifying military conflicts in the Middle East, aggressive selling pressure…
On Thursday, the Pakistan Stock Exchange (PSX) witnessed a sharp decline, with the benchmark KSE-100 index falling below 169,000 points due to panic selling from investors. This marked the fourth consecutive day of heavy selling pressure. The decline was driven by economic uncertainty stemming from high oil prices, caused by supply disruptions and conflicts in the Middle East.
As a result, the market capitalization dropped by Rs378 billion in a single session. The fear of geopolitical tensions and rising oil prices created a negative outlook for economic recovery and stability in energy supply. Local petroleum prices surged to new highs, adding to the concerns over inflation and macroeconomic stability.
The KSE-100 index dropped 3,078.56 points, or 1.79 percent, closing at 168,865.04 after reaching an intraday low of 3,471 points. The decline was broad-based, with investors, particularly institutional ones, aggressively reducing their positions. Analysts noted that geopolitical developments and elevated oil prices would continue to influence market trends.
Written by urgent.news from Dawn Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
