Volatility persisted at the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 Index continued its correction mode, recovering from earlier losses during Thursday’s trading session.
At 12:15 pm, the benchmark index stood at 62,378.30, reflecting a decrease of 69.71 points or 0.11%. Earlier in the day, the index experienced an intra-day low of 61,750.97, marking a decline of 697.04 points.
The trading session displayed a mixed pattern, with index-heavy sectors like cement, chemical, and commercial banks in the red, while automobile assemblers, refinery, oil and gas exploration companies, and OMCs sectors traded in the green.
On Wednesday, the PSX remained in the correction phase, with the benchmark KSE-100 Index losing nearly 400 points to settle at 62,448.01. Analysts attribute the ongoing selling pressure to a correction after the Pakistani market exhibited significant growth in recent weeks, propelling the index to record high levels exceeding 66,000.
Globally, equities faced a downturn on Thursday following the end of Wall Street’s long winning streak. Treasury yields hovered near five-month lows, influenced by Britain’s unexpectedly soft inflation reading, which raised anticipation for similar trends in upcoming US price data.
The equities rally, previously driven by falling interest rates and the Federal Reserve’s dovish turn, stalled despite initially positive US economic data. A sharp decline in British inflation further surprised markets.
All three major US stock indexes experienced a decline, with the Dow Jones Industrial Average falling 1.27%, the S&P 500 losing 1.47%, and the Nasdaq Composite dropping 1.5%.
