Key Takeaways
- KSE-100 Index drops by 483.34 points or 0.29%.
- Selling pressure observed in key sectors including automobile assemblers and cement.
- Global markets show mixed performance with caution ahead of US inflation data.
The Pakistan Stock Exchange (PSX) experienced a significant downturn on Wednesday, with the benchmark KSE-100 Index shedding nearly 500 points during the opening minutes of trading.
At 10am, the KSE-100 Index was trading at 164,293.10, down 483.34 points or 0.29% from the previous close. This decline was observed across various sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, power generation, and refineries.
Notable index-heavy stocks such as ARL, HUBCO, MARI, OGDC, PPL, POL, HBL, MCB, and UBL were trading in the red, contributing to the overall market sentiment.
On Tuesday, the PSX had closed lower, with profit-taking at higher levels erasing an early recovery. The market failed to find fresh triggers to recover Monday’s losses and reverse the broader downward trend witnessed during the previous week. The KSE-100 Index declined by 347.97 points, or 0.21%, to close at 164,776.44 points.
Globally, Asian shares showed mixed performance on Wednesday. While those related to artificial intelligence found some respite after a selloff, gains were tempered by elevated oil prices and caution ahead of US inflation data.
In South Korea, chipmakers Samsung Electronics and SK Hynix rose more than 2%, while Kioxia was steady in Japan, recovering some of the previous session’s loss. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.5% after US stocks ended the previous session with a mild loss. Japan’s Nikkei rose 0.2%, and South Korea’s Kospi added 1.8%.
However, sentiment remained cautious due to elevated oil prices, following Houthi missile and drone attacks on Saudi Arabia, which intensified concerns over energy supplies.
Analysts suggest that the market’s performance is influenced by both domestic and global factors, with the KSE-100 Index reflecting the broader downward trend in the region.
