Selling persists at bourse, KSE-100 loses over 2,400 points

Selling pressure continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index shedding over 2,400 points on Thursday.

The KSE-100 came under selling pressure at the start of trading, which pushed the benchmark index into a steady downward trajectory.

By late morning into mid-day, the decline became more gradual but persistent, and by the early afternoon, the index dropped sharply toward the intra-day low of 168,416.02.

The market attempted a modest rebound in the final hours of the trading session.

At close, the benchmark index settled at 169,173.37, down by 2,405.93 points or 1.40%.

“Bears returned to centre stage as tensions flared around the Strait of Hormuz, where reports of blockades and vessel seizures rattled global sentiment. Meanwhile, Islamabad continues to await Iranian and American officials for expected peace talks, keeping uncertainty elevated,” brokerage house Topline Securities said in its post-market report.

Key index heavyweights, including FFC, UBL, MEBL, PPL, and BAFL, remained under sustained pressure, collectively shaving off 942 points from the index, it said.

On Wednesday, investor sentiment remained bearish at the PSX, as uncertainty surrounding ongoing US-Iran negotiations weighed on market confidence amid heightened geopolitical tensions and lack of clarity over a potential breakthrough. The benchmark KSE-100 Index declined by 1,576.48 points, or 0.91%, to close at 171,579.31.

Internationally, Asian shares tracked Wall Street higher on Thursday, led by record highs in Japan, South Korea ‌and Taiwan, as investors shrugged off higher oil prices from more shipping woes in the Gulf and focused on strong corporate earnings.

Overnight, the S&P 500 climbed 1%, and the Nasdaq jumped 1.6% to close at new record highs, helped by a strong start to earnings ​season that has eased concerns about the health of the US consumer despite rising energy prices from ​the Iran war.

That was despite oil prices gaining for a fourth straight day. Iran on ⁠Wednesday captured two container ships seeking to exit the Gulf via the Strait of Hormuz, tightening its grip on the ​crucial waterway, as a fragile ceasefire hangs in the balance for now.

MSCI’s broadest index of Asia-Pacific shares outside Japan rallied 1% to a record high as tech heavyweights surged in the region. Markets in Japan, South Korea and Taiwan vaulted to records for a second day, with the Nikkei topping the ​60,000 mark.

China’s blue chips rose 0.3%, and Hong Kong’s Hang Seng index slipped 0.3%.

Meanwhile, the Pakistani rupee registered marginal gain against the US dollar in the inter-bank market on Thursday. At close, the local currency settled at 278.86, a gain of Re0.01, against the greenback.

Volume on the all-share index rose to 1,321.51 million from 1,054.06 million recorded in the previous close.

The value of shares decreased to Rs30.84 billion from Rs37.29 billion in the previous session.

F. Nat.Equities was the volume leader with 286.82 million shares, followed by Hascol Petrol with 77.78 million shares, and Kohinoor Spining with 69.44 million shares.

Shares of 483 companies were traded on Thursday, of which 164 registered an increase, 286 recorded a fall, and 33 remained unchanged.