Selling continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index losing nearly 1,700 points during the intra-day trading on Thursday.
At 12:35pm, the benchmark index hovered around the 110,267.06 level, a decrease of 1,668.32 points or 1.49%.
Selling was observed in key sectors including commercial banks, fertiliser, oil and gas exploration companies and OMCs. Index-heavy stocks including PSO, SSGC, SNGPL, MARI, POL, PPL, MEBL and UBL traded in the red.
“We think that investors are not finding current levels as attractive; top dividend yield (DY) stocks are offering barely 2 percentage point (ppt) higher yield over comparable government’s securities,” said Intermarket Securities.
The brokerage house projected the market to remain range-bound for the near term. “The upcoming International Monetary Fund (IMF) talks is a key milestone for future market direction,” it added.
On Tuesday, profit-taking at the PSX pushed the KSE-100 Index down by 810 points to close at 111,935.38.
The PSX remained closed on Wednesday in observance of the Kashmir Day holiday.
Internationally, Asia shares rose on Thursday, tracking gains on Wall Street following a see-saw session, while US Treasury yields came under pressure after mixed economic data.
Though many uncertainties remain under US President Donald Trump’s new administration, markets were relieved that things were not worse, particularly about the tit-for-tat tariff moves between the US and its major trading partners.
That helped lift global share markets and kept the dollar in check, giving some respite to its peers which had been heavily battered at the start of the week.
The People’s Bank of China (PBOC) on Thursday again set a stronger-than-expected yuan midpoint fixing, countering concerns it might allow the currency to slide to offset the impact of tariffs on the country’s exports.
China’s CSI300 blue-chip index reversed early losses to trade slightly higher, while the Shanghai Composite Index gained 0.13%.
MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.28%, while Japan’s Nikkei tacked on 0.28%.
Source: Brecorder
