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Investors resorted to profit-taking at the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 Index underwent a major correction and plunged over 1,100 points on Wednesday.
At the close of trading, the benchmark index was at 65,280.16, a decrease of 1146.62 points or 1.73%.
Largely across-the-board selling was witnessed with index-heavy sectors including automobile assemblers, cement, chemical, commercial banks, and refinery trading in the red.
At the close of trading on Tuesday, the benchmark KSE-100 had rebounded as it gained 414 points, ahead of the monetary policy announcement, to settle at 66,426.78.
“The bearish sentiment comes on account of profit-taking,” Sana Tawfik, analyst at Arif Habib Limited (AHL), said
Tawfik said volatility on the political front is also driving negativity at the bourse.
