KARACHI: The Pakistan Stock Exchange (PSX) remained in the grip of selling pressure on Thursday as the KSE-100 index plunged over 600 points in a tumultuous session.
Political turmoil around Punjab by-polls and the chief minister’s election has instilled panic in investors’ minds, motivating them to sell off their holdings.
The benchmark KSE-100 index remained on a downward trajectory since the trading began with no positive triggers as stocks faced selling pressure across the board.
According to Arif Habib Limited, the KSE-100 index decreased by 1.55% day-on-day which is the lowest level since November 23, 2020. It further added that the index has declined by 4.1% since the start of the fiscal year 2022-23 and 10.7% since the start of the calendar year 2022.
Pakistani rupee continued to fall — plunging to an all-time low of 226.81 against the US dollar in the interbank market — which also forced the investors to stay on the sidelines as rupee-dollar parity continued to dampen sentiments.
At close, the benchmark KSE-100 index closed at 39,831.75 points with a decline of 627.95 points or 1.55%.