PSX: selling continues, KSE-100 down nearly 500 points
Selling pressure was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index shedding nearly 500 points during the opening minutes of trading on Wednesday. At 10am, the benchmark index was hovering at 164,293.10, down 483.34 points or 0.29%. Selling was observed in key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies,…
Trading commenced at the Pakistan Stock Exchange (PSX) on Wednesday with a noticeable selling pressure, causing the KSE-100 Index to plummet nearly 500 points during the early trading hours. By 10 am, the benchmark index had reached 164,293.10, down 483.34 points or 0.29%. The decline was particularly pronounced in key sectors such as automobile assemblers, cement, commercial banks, oil and gas exploration firms, oil marketing companies (OMCs), power generation, and refineries.
Several index heavyweights, including ARL, HUBCO, MARI, OGDC, PPL, POL, HBL, MCB, and UBL, were trading in the red.
The market's resilience was tested on Tuesday as profit-taking at higher levels wiped out an early rebound. Despite the initial setback, the PSX failed to secure fresh catalysts to reverse the downward trajectory witnessed throughout the previous week. The KSE-100 Index continued its slide, dropping by 347.97 points or 0.21% from the previous close to settle at 164,776.44 points.
On the global front, Asian markets exhibited a modest uptick on Wednesday, primarily due to the resilience of the artificial intelligence (AI) sector, which found solace after a recent sell-off. However, gains were tempered by high oil prices and apprehension ahead of the US inflation data release, which will shape the market sentiment later in the day.
Within the AI supply chain, chipmakers Samsung Electronics and SK Hynix surged more than 2% in South Korea, while Kioxia remained steady in Japan, recovering some of the previous day's losses. MSCI’s Asia-Pacific index, excluding Japan, edged up by 0.5% following a slight decline in US stocks from the previous trading session. Despite this positive movement, markets remained cautious, with oil prices remaining elevated amid heightened concerns over energy supplies following the Houthi missile and drone strikes on Saudi Arabia. This report provides an update on the intraday developments.
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