Selling persisted at the Pakistan Stock Exchange (PSX) in line with losses across international markets, with the benchmark KSE-100 Index shedding nearly 1,000 points during the intraday trading on Wednesday.
At 12:40pm, the benchmark index was hovering at 160,309.62, a decrease of 972.14 points or 0.6%.
Selling was observed in key sectors including commercial banks, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks, including HUBCO, MARI, OGDC, WAFI, HBL, MCB, MEBL and NBP, traded in the red.
On Tuesday, PSX came under pressure as investors opted for profit-taking following two sessions of gains. The market’s decline was primarily driven by selling in blue-chip stocks amid renewed caution over mixed corporate earnings and post-rally consolidation.
The benchmark KSE-100 Index fell by 1,521.39 points, or 0.93%, to close at 161,281.77 points.
Globally, Asian stocks dived on Wednesday and market volatility surged to levels not seen since April after an overnight tech-led selloff on Wall Street put the spotlight on stretched valuations.
Sellers were particularly harsh on both the Japanese and South Korean markets in early trading with Tokyo’s stock index tumbling 4.5%, down almost 7% from a record high reached on Tuesday.
South Korean shares plunged as much as 6.2%.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 2.3%, the most since US President Donald Trump’s Liberation Day tariff announcement in early April.
US e-mini futures slumped 0.6% after a 1.2% drop for the S&P 500 overnight.
In Japan, shares in SoftBank Group dived 10% as one of the world’s biggest tech sector investors tracked a 2% drop in the Nasdaq Composite overnight.
Stocks are retreating from record highs on fears that equity markets may have become overstretched after the CEOs of Wall Street heavyweights Morgan Stanley and Goldman Sachs questioned whether sky-high valuations can be sustained.
This is an intra-day update
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