Bloodbath at Pakistan Stock Exchange; index down by massive 1,774 points
By News Desk
August 31, 2023 03:35 PM
Share prices fell like nine pins at the Pakistan Stock Exchange (PSX) on Thursday with the KSE-100 index plunging by 1,774 points amid economic uncertainty, inflationary outlook and rupee's consistent slide, reported 24NewsHD TV channel.
The bears ran riot taking the index down to 44,470 as losses continued to mount for the fifth consecutive session, a slide driven by rising economic concerns among investors.
Across-the-board selling was witnessed on Thursday, with index-heavy sectors including automobile assemblers, cement, chemical, commercial banks, oil and gas exploration companies, OMCs and refinery sectors traded in the red.
Selling was especially witnessed in the energy and banking sectors.
Negativity has persisted in the market in recent trading sessions, with investors concerned over rupee’s downslide against the US dollar, skyrocketing fuel prices that will push inflation up, and growing fears of another hike in the key policy rate that already stands at a record high.
Companies that dragged the index lower included United Bank Limited (UBL), Worldcall Telecom Limited (WTL), Meezan Bank Limited (MEBL), Lucky Cement (LUCK), and Mari Petroleum (MARI).
Of the 315 scrips traded, 38 advanced, 258 declined and 19 remained unchanged.
At the end of day, the stocks managed to recover some value as the index was down by 1,242 points to 45,002.
Reporter Ayaz Rana