KARACHI: Equities fell like ninepins on the Pakistan Stock Exchange (PSX) on Wednesday as geopolitical uncertainty and the resurgence of oil prices following the US air strikes on Iran, which put the ceasefire on the verge of collapse, rattled the market, prompting panic selling and wiping out a staggering Rs474 billion from the market capital in a single session.
The benchmark KSE-100 index came under intense selling pressure, touching an intraday low of 6,751 points at 179,504.35 before settling at 181,629.37, down 4,626.18 points, or 2.48 per cent.
The decline was also fuelled by broad-based profit-taking after the market’s recent rally, as investors opted to lock in gains despite an otherwise supportive macroeconomic backdrop.
Topline Securities Ltd said the local bourse witnessed a bloodbath as panic selling gripped the market following renewed geopolitical tensions in the Middle East.
Index plunges 4,626 points as Mideast situation triggers panic-selling
