PSX tanks 1,100 points amid profit-taking
Shares at the Pakistan Stock Exchange (PSX) fell by more than 1,100 points on Wednesday, shortly after a Supreme Court verdict conditionally suspended its own ruling on military trials of civilians pending final ruling.
According to the PSX website, the KSE-100 index declined steeply by 1146.62 points to reach 65,280.16 points — down 1.73pc from the previous close of 66,426.78 points.
Mohammed Sohail, chief executive of Topline Securities, attributed the downward trajectory to “highly leveraged position and some selling by local institutions.”
However, he added that this was a “much-needed correction” as the benchmark index had witnessed a non-stop rally in the past week.
Sana Tawfik, deputy head of research at Arif Habib Limited, noted profit-taking to be the major reason behind the index trading in the red.
However, she highlighted that the oil and gas sector were still witnessing a positive climb due to previous developments.
She added, that the latest political development had played a part behind the bearish trend.
The top active stocks were noted to be World Telecom Limited, Bank of Punjab, K-Electric Limited, Hascol Petroleum Limited, Pakistan Telecommunication Company Ltd and Kohinoor Spinning Mills Limited.