Karachi: The Pakistan Stock Exchange (PSX) experienced a significant downturn on Wednesday, shedding more than 1,100 points shortly after a Supreme Court verdict conditionally suspended its own ruling on military trials of civilians pending a final decision.
The KSE-100 index, as reported by the PSX website, saw a steep decline of 1146.62 points, reaching 65,280.16, marking a 1.73% drop from the previous close at 66,426.78 points.
Mohammed Sohail, Chief Executive of Topline Securities, attributed this downward trend to “highly leveraged positions and some selling by local institutions.” He characterized this correction as much-needed, considering the benchmark index’s continuous rally over the past week.
Sana Tawfik, Deputy Head of Research at Arif Habib Limited, identified profit-taking as the primary reason for the index trading in the red.
Despite this, she noted that the oil and gas sector continued to experience a positive climb due to prior developments. Tawfik acknowledged that the recent political developments had contributed to the overall bearish trend.
The top active stocks during this session included World Telecom Limited, Bank of Punjab, K-Electric Limited, Hascol Petroleum Limited, Pakistan Telecommunication Company Ltd, and Kohinoor Spinning Mills Limited.
Investors and market analysts are keenly observing the situation, emphasizing the need for a cautious approach in response to evolving political and economic factors that might influence market dynamics in the coming days.
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