Share prices plummet at Pakistan Stock Exchange

Following a positive start, selling returned to the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index shedding over 2,600 points on Thursday, reported 24NewsHD TV channel.

At 1:48pm, the benchmark index was hovering at 173,077.29, down by 1,352.63 points or 0.78%. However, at the close of the business for the day, the losses grew double as the index plummeted by 2,690.48 points or minus 1.57 to 171,739.44 points.

Selling was observed in key sectors, including commercial banks, fertiliser, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks, including HUBCO, MARI, OGDC, PPL, SSGC, PSO, MCB, NBP and UBL, traded in the red.

In a key development, credit ratings agency S&P Global raised Pakistan’s long-term sovereign credit rating to “B” from “B-” on Wednesday, citing stronger institutional stability and effective implementation of reforms under an IMF program.

On the previous day, the PSX remained under heavy selling pressure as escalating geopolitical tensions in the Middle East and persistent concerns over rising international crude oil prices triggered widespread risk-off sentiment and prompted investors to reduce exposure to blue-chip and cyclical stocks.

The benchmark KSE-100 Index had settled at 174,429.93 points, losing 1,703.64 points or 0.97%.

 
Reporter Kavish Memon