KARACHI/ISLAMABAD: The Pakistan Stock Exchange (PSX) saw a massive drop of over 6,000 points on Thursday, which financial analysts attributed to heavy selling in the market and geopolitical tensions between Iran and the US.
The KSE-100 index fell by 6042.26 points or 3.21 percent to close at 182,338.12 on Thursday evening, the PSX data showed, down from the previous close of 188,380.38 points.
The development took place as US President Donald Trump warned Iran this week that “time is running out” for the nation to negotiate a deal on its nuclear program, following the steady build-up of US military forces in the Gulf.
Meanwhile, Pakistani brokerage firm Topline Securities said equities witnessed a sharp sell-off in the stock market on Thursday, causing Pakistani stocks to plunge into a “severe downturn.”
“The steep decline was largely driven by Fauji Fertilizer Company’s (FFC) earnings announcement, which fell short of market expectations due to weaker-than-anticipated gross margins,” Topline Security’s Senior Equity Trader Naveed Nadeem said.
