KSE-100 loses over 300 points
- Hovers at 169,091.20, down by 336.24 points or 0.20%
The Pakistan Stock Exchange's KSE 100 index experienced selling pressure, dropping over 300 points on Thursday, following a significant decline on Wednesday, mirroring a broader fall in Asian markets.
- Selling pressure in key sectors like automobile and cement.
- KSE 100 index's continued decline after Wednesday's drop.
- Asian market fall driven by US inflation and Middle East tensions.
- Strategists' outlook on stretched Asian stock valuations.
Selling pressure continued at the Pakistan Stock Exchange (PSX) with the benchmark KSE-100 Index shedding over 300 points during the opening minutes of trading on Thursday.
At 9:39am, the benchmark index was hovering at 169,091.20, down by 336.24 points or 0.20%.
Meanwhile, selling pressure was observed in key sectors including automobile, cement, and commercial banks.
On Wednesday, the benchmark KSE-100 Index declined by 903.12 points or 0.53 percent to close at 169,427.44 points compared to the previous close of 170,330.56 points.
Internationally, Asian stocks fell on Thursday, weighed down by a Wall Street selloff after a hotter-than-expected U.S. inflation reading, while renewed US strikes on Iran fuelled a rise in oil prices.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.9%, led by a 3% drop in South Korea’s KOSPI. S&P 500 e-mini futures were 0.3% lower.
Brent crude rose 2% to $94.93 a barrel as trading resumed in Asia.
Strategists believe that Asian stocks that had rallied hardest during the past two months are likely to extend recent losses, as markets question whether the sky-high expectations for earnings growth that had driven the gains can be maintained.
“Given already stretched valuations, these extreme bullish expectations set a vulnerable backdrop for momentum in Korea, Taiwan and the Asia tech sector,” said Rupal Agarwal, Asia quant strategist at Bernstein in Singapore, in a note to clients.
This is an intra day update
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