The KSE-100 Index witnessed a sharp decline on Tuesday as trading at the Pakistan Stock Exchange began on a negative note, reported 24NewsHD TV channel.
The KSE-100 Index registered some recovery just before the concluding session of trading.
At 2.55 pm, the benchmark index shed 45 points, falling to 151,162 points or minus 0.03%, reflecting strong selling pressure in the market.
Selling was observed in key sectors, including automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks, including ARL, HUBCO, MARI, OGDC, POL, PPL, PSO, FFC, HBL, MCB, NBP, and UBL, traded in the red.
Meanwhile, mounting pressure on foreign exchange reserves has pushed Pakistan to explore fresh external financing options, including potential support from key allies China and Saudi Arabia, as it prepares to navigate a widening financing gap following the decision to repay around $3.5 billion to the United Arab Emirates (UAE).
This comes a day after a positive close on Monday, when the index had gained 809 points to settle at 151,207 points, highlighting volatility in the market.
Meanwhile, global cues remained mixed amid rising tensions in the Middle East, which influenced investor sentiment across regional markets.
According to reports, Japan’s Nikkei 225 posted a slight increase, while stock markets in Thailand and China also recorded modest gains. However, Indonesia’s Jakarta Composite Index declined by nearly one percent.
Similarly, Hong Kong’s Hang Seng Index dropped by one percent, while Malaysia’s FTSE Bursa Malaysia KLCI also recorded a slight downturn.
Analysts attribute the mixed trend in Asian markets and the sharp fall in Pakistan’s stock exchange to geopolitical uncertainties and cautious investor behavior.
Reporter: Kawish Memon