Selling pressure grips PSX as KSE-100 falls over 1,700 points

The Pakistan Stock Exchange (PSX) on Wednesday witnessed selling pressure, with the benchmark KSE-100 Index plunging more than 1,700 points.

At close, the benchmark index settled 174,429.92, a decline of 1703.64 points, or 0.97%.

Losses were broad-based, with heavy selling witnessed in automobile assemblers, cement, fertilizer, oil marketing companies (OMCs), and power generation stocks.

Major index-heavy companies, including HUBCO, Pakistan Oilfields (POL), Pakistan Petroleum Limited (PPL), and National Bank of Pakistan (NBP), all traded in negative.

The sharp decline followed a modest gain on Tuesday, when the KSE-100 Index rose 205.83 points, or 0.12%, to close at 176,133.57.

Meanwhile, reports emerged that Pakistan has requested a $10 billion exchange stabilization facility from the United States.

If approved, the proposed arrangement would help strengthen the country’s foreign exchange reserves, reduce pressure on the rupee, and lessen dependence on multilateral lenders while supporting Islamabad’s ongoing fiscal and monetary reforms under its International Monetary Fund (IMF) program.

Pakistan requests $10 billion U.S. support to stabilize economy: report

Pakistan has reportedly requested the United States to provide $10 billion exchange stabilization facility. The request was made during the meeting between Finance Minister Muhammad Aurangzeb and US Treasury Secretary Scott Bessent. It should be noted that British news agency Reuters reported the development which was later confirmed by officials at Pakistan’s embassy in Washington without providing any details. Pakistan’s embassy said Finance Minister Muhammad Aurangzeb requested U.S. support to strengthen Pakistan’s economic outlook by improving access to international capital markets, boosting foreign exchange reserves, and enhancing the country’s sovereign credit ratings.   وفاقی وزیرِ خزانہ و محصولات سینیٹر محمد اورنگ […]

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