BUSINESS/FINANCE
PSX Suffers Sharp Fall After Hitting Historic 151,000 Points – KSE-100 Down 2,318 Points
The Pakistan Stock Exchange (PSX) witnessed extreme volatility on Thursday. In the morning session, the benchmark KSE-100 index crossed the historic 151,000-point milestone for the first time. However, heavy profit-taking soon reversed the rally, dragging the index down 2,318 points to 148,272 by 2:20pm.
Market analysts attributed the sharp downturn to aggressive selling pressure after a week-long record-breaking rally. On Wednesday, the index had closed at an all-time high of 150,591 points, gaining 820 points in a single day.
Global cues also influenced sentiment. Japan’s Nikkei slipped 0.6% after touching its own record peak, while South Korea’s KOSPI rebounded 0.9%. Chinese blue chips advanced 0.5%, but Wall Street saw weakness, with the Nasdaq Composite sliding 0.7% amid expectations of a September Fed rate cut.
The sharp fall has raised concerns of overheating in Pakistan’s equity market, though analysts suggest long-term fundamentals remain strong if political and economic stability persists.