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On Tuesday, the Pakistan Stock Exchange (PSX) experienced a significant downturn, witnessing a substantial loss of over 1,900 points, primarily driven by a massive sell-off from major market players.
Real-time data from the PSX website revealed that the benchmark KSE-100 index plummeted to 59,777.72 points at 12:45 pm (PST), marking a decline of 1927.37 points or 3.12% from the previous close.
Nearly all major sectors in the market saw declines as investors divested their holdings. Sectors such as automobile assemblers, cement, chemical, commercial banks, oil and gas marketing companies, oil and gas exploration companies, refineries, and pharmaceuticals were among the worst-hit.
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Additionally, exchange-traded funds, fertilizer, food and personal care products, insurance, investment banks, and securities companies faced selling pressure.
Market experts attributed the selling pressure to a correction phase following the PSX’s remarkable growth in recent weeks, reaching record highs of over 67,000 points. They emphasized that the correction was deemed healthy and temporary, expressing confidence that the market would rebound soon based on strong fundamentals and a positive outlook.
This decline followed a negative close on Friday, where the PSX had lost nearly 1,000 points amid increased volatility.