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.
