PSX: Volatility at bourse, KSE-100 sheds over 200 points

The Pakistan Stock Exchange (PSX) witnessed a volatile trading session on Thursday, with the benchmark KSE-100 Index ending marginally lower following significant intraday swings.

The trading session reflected early buying interest followed by consolidation and a sharp late-session sell-off. The market opened on a positive note and climbed to an intraday high of 181,433.85 points during the morning session.

The index then surrendered most of its early gains, moving largely sideways around the 180,700–181,000 level through midday and early afternoon amid mixed trading sentiment. Selling pressure intensified sharply during the final hours, dragging the index to its intraday low of 180,035.92 points.

At close, the benchmark index settled at 180,104.61 points, down 206.60 points or 0.11%.

On Wednesday, PSX staged a recovery with the market gaining as buying resumed after two consecutive sessions of profit-taking. The market received a boost towards the close from reports of an extension of the US-Iran ceasefire.
The benchmark KSE-100 Index closed at 180,311.22 points.

Internationally, Asian stocks rose on Thursday after US inflation data came in ‌as expected, dampening expectations of further near-term Federal Reserve rate hikes, while oil held near $80 a barrel as Washington and Tehran remained deadlocked over efforts to end the Gulf war.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.97%, led by South Korean shares jumping 4.4%. Japan’s Nikkei gained 1.86%, ​while S&P 500 E-minis were up 0.02%.

US consumer prices increased 0.1% in July, in line with expectations, data ​showed on Wednesday.

The small increase could weaken the argument for an interest rate increase ⁠from the Fed next month. Money markets are predicting a 40% chance of a rate hike, down from 54% a ​week ago, according to CME Group’s FedWatch.

Oil prices eased but remained elevated ​in Asia.