Share prices tank by over 3,500 points at PSX amid panic selling

Panic selling returned to the Pakistan Stock Exchange (PSX) on Thursday as President ​Donald Trump said the United States would continue ‌to attack Iran, with the benchmark KSE-100 Index sinking by about 5,500 points during the opening minutes of business, reported 24NewsHD TV channel.

At 9:35am, the benchmark index was hovering at 150,022, down by 5,489 points or 3.45%. However, by 11:00 am the equities recovered some losses and the index was trading at 151,621.26 points down by 3,890.30 or 2.57 percent.

At the close of business, the index was down by 3,500.30 points to 152,011.26 points or negative 1.97 percent.

Experts opined that the jubilation of yesterday’s market halt has been completely wiped out as the ‘ceasefire rally’ crashed into a harsh geopolitical reality.

Offloading was observed in key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks, including MARI, OGDC, POL, PPL, MCB, MEBL, NBP and UBL, traded in the red.

On Wednesday, the PSX had staged a powerful rally with the benchmark KSE-100 Index surging past the key psychological barrier of 150,000 points as improving investor sentiment.

The KSE-100 Index closed at 155,511.57 points, registering a sharp gain of 6,768.25 points or 4.55%.

 
Reporter Kavish Memon