PSX tumbles by over 2,900 points during intraday trade

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index sank by over 2,900 points during intraday trade on Wednesday.

The KSE-100 index dropped by 2,939.51 points, or 1.58 per cent, to stand at 183,316.04 points at 1:34pm from the previous close of 186,255.55.

On Tuesday, PSX snapped a five-day bullish streak, falling by over 1,100 points to settle below the 187,000-point mark as investors resorted to profit-taking following the market’s recent record-breaking rally.

The reversal came after economic optimism — driven by falling energy prices and a likely cut in the interest rate — propelled the KSE-100 index above 187,000 points on Monday, leading analysts to believe it might surpass its all-time high of 189,167 in January.

According to Topline Securities Ltd, yesterday’s decline was driven by selling pressure emerging across key sectors during the latter half of the session.

It noted that investor sentiment remained cautious amid weakness in regional equity markets, prompting participants to lock in recent gains after the KSE-100’s strong upward run over the past several sessions. ...