After a positive start, selling pressure returned to the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index shedding over 1,600 points during the intra-day trading.
The market kicked off trading on a positive note, with the benchmark KSE-100 hitting an intra-day high of 159,507.41. However, the market resorted to profit booking in the later hours, dragging the index to an intra-day low of 156,327.60.
At 3:20pm, the benchmark index was hovering at 156,819.92, a decrease of 1,645.13 points or 1.04%.
Selling was observed in key sectors including commercial banks, fertiliser, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks, including ARL, MARI, OGDC, POL, PPL, MCB, MEBL and UBL, traded in the red.
On Wednesday, the PSX witnessed sustained selling pressure as investors continued to offload positions amid rollover anxiety and weak institutional participation. The benchmark KSE-100 Index dropped 1,635.97 points, or 1.02%, to close at 158,465.06.
Internationally, Asian stocks advanced on Thursday after the Federal Reserve cut interest rates and as US and Chinese leaders met to thrash out a trade deal, while the yen weakened after the Bank of Japan kept rates on hold as expected.
MSCI’s broadest index of Asia-Pacific shares outside Japan was last up 0.4%, while US S&P 500 e-mini futures moved 0.4% higher after stocks on Wall Street posted a slim loss to snap a four-day winning streak.
Global markets are in the midst of a string of central bank decisions that will give clues about the path ahead for interest rates as the Trump administration imposes blanket tariffs on foreign imports.
The Nikkei 225 fluctuated between gains and losses and was last 0.2% higher after the Bank of Japan’s decision. Though it stood pat on rates, it repeated its pledge to continue increasing borrowing costs if the economy moves in line with its projections.
US President Donald Trump is currently meeting Chinese leader Xi Jinping in South Korea. US negotiators have signalled they seek a return to a fragile trade war truce, but tensions remain high and longer-term economic irritants will likely persist between the geopolitical rivals.
The Federal Reserve cut interest rates on Wednesday by a quarter of a percentage point as expected.
Traders have slashed their forecasts of a 25-basis-point rate cut from the US central bank in December, which had been viewed as a near-certainty earlier.
This is an intra-day update
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