PSX: selling engulfs bourse, KSE-100 sheds over 2,200 points
After days of buying momentum, selling returned at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index shedding over 2,200 points during the opening minutes of trading on Friday. At 9:40am, the benchmark index was hovering at 173,146.07, down 2,233.79 points or 1.27%. “We expect the market to witness some profit-taking today following the recent rally, as investors may prefer to…
The Pakistan Stock Exchange (PSX) experienced a sharp sell-off on Friday as trading opened, with the benchmark KSE-100 Index losing over 2,200 points in the early hours of the session. At 9:40am, the index was trading at 173,146.07, down 2,233.79 points or 1.27%. Analysts expect profit-taking to take place following the recent rally, as investors may prefer to lock in gains before the long weekend.
Persistent geopolitical uncertainties and a stalemate in peace negotiations are expected to weigh on investor sentiment and keep the market cautious. Foreign exchange reserves held by the State Bank of Pakistan increased by $39 million to $21.56 billion, while Pakistan's external debt stock rose by 4% to $135.1 billion, with the majority of the debt coming from multilateral and bilateral creditors.
On Thursday, the PSX continued its bullish trend, with a 3,366.38 point or 1.96% increase, taking the index to 175,379.87. However, globally, Asia's tech-heavy markets declined on Friday due to concerns over increased regulatory scrutiny and a slowdown in AI development. US stocks suffered their steepest drop since the "Liberation Day" rout in April 2025, with the Nasdaq falling 5.5% and $3 trillion wiped off S&P 500 companies.
AI-related stocks, such as Samsung Electronics, SK Hynix, Kioxia, and TSMC, saw significant losses, with SoftBank Group also experiencing a 11% drop. The sell-off is expected to spread to European markets, as indicated by a 1% fall in European stock futures.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
