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KARACHI: The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index after showing upward trend, yesterday, plunged 908 points to close at 44,366.74 as market participants reacted to negative news from regional markets.
The 100-Index that gained 457 points on Tuesday lost 908 points at the end of the 3rd business day of the week, Wednesday.
During the intra-day trading, the market at one lost more than 1,200 points, but recovered bit, later in the day to close at 44,366.74.
The KSE-100 Index has been under pressure for several weeks now, dropping to an over four-month low before Wednesday’s session as economic sentiment turned less bullish amid a widening current account deficit, rupee depreciation and interest-rate hike by the State Bank of Pakistan.
Meanwhile, regional markets also suffered losses with Shanghai and Hong Kong shares dropping on Wednesday, tracking overnight Wall Street losses and hit by China’s worsening power crunch, as investors exited Chinese stocks vulnerable to factory shutdowns including chemicals and steelmaking.
Broader negative sentiment also weighed as economic uncertainties ahead of a scheduled tightening of US monetary policy and deepening concerns over persistent inflation.
