PSX: Selling returns, KSE-100 sheds over 300 points
Selling returned at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index shedding over 300 points during the opening minutes of trading on Thursday. At 9:50am, the benchmark index was hovering at 171,929.43, down 303.08 points or 0.18%. Selling was observed in key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies and OMCs. Index…
Selling returned at the Pakistan Stock Exchange (PSX) early Thursday, causing the KSE-100 Index to drop over 300 points during the first minutes of trading. The index opened at 171,929.43, falling by 303.08 points, or 0.18%. The decline was evident in several sectors, such as automobile assemblers, cement, commercial banks, oil and gas exploration companies, and OMCs. Major stocks like LUCK, HBL, MCB, MEBL, UBL, MARI, OGDC, PPL, PSO, and SSGC traded in the red.
Prime Minister Shehbaz Sharif met with International Monetary Fund (IMF) Managing Director Kristalina Georgieva, discussing Pakistan's reforms and the upcoming review under the IMF's $7-billion Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF). Prime Minister Shehbaz Sharif expressed gratitude to the IMF for its ongoing support and reiterated the government's commitment to implementing the reform program successfully.
The PSX had rallied strongly on Wednesday, buoyed by constructive US-Iran talks, the arrival of an IMF staff mission for crucial program reviews, and increased buying in refinery stocks, anticipating progress on long-awaited upgrade agreements. These factors boosted investor sentiment, leading to a 0.48% increase in the KSE-100 Index, which closed at 172,232.51.
On the global front, debt markets were on edge, with Japanese bonds following US Treasuries lower. Asian equities were mixed, with investors weighing Middle East tensions and prospects for talks between the US and China. As Tokyo markets reopened after a three-day holiday, the 10-year Japanese government bond yield surged to a 30-year high after a sharp drop in the US market overnight.
Oil prices cooled from recent highs, and the US dollar strengthened following Iran's leader's vow to never surrender after US President Donald Trump threatened "annihilation" of Iran. Market observers anticipated central bank speeches and economic releases, such as US jobless claims, for insights into future interest rate hikes.
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