PSX Crashes By Nearly 2,000 Points After Supreme Court Decision [Updated]

Bears ran riot at the Pakistan Stock Exchange (PSX) today, with the benchmark KSE-100 index losing over 1,900 points in intraday trade after the Supreme Court of Pakistan delayed its own decision on military courts for civilians earlier today. The benchmark KSE-100 index appeared bearish from the opening bell and immediately dropped into the red zone, losing 1,900+ points after trading resumed on Wednesday. Economic analyst A H H Soomro told ProPakistani, “This is just the beginning of sellers’ liquidity after a 60% nonstop run up. Fundamentally, nothing has worsened its pure profit-taking probably by big investors. We need a few weeks of such days to put the index in range-bound activities”. After opening trade at 66,426 points, the benchmark KSE-100 index rose to a new high of 67,095 at 9:35 AM. Later at 2:30 PM, it plunged by up to 1,985 points to 64,441. At 3 PM, it clocked in at 65,128, down by 1.95 percent or 1,298 points. It settled at 65,280, down 1.73 percent or 1,146 points. The KMI 30 index shed 1,778 points settling at 110,403, while the KSE All share index declined by 813 points to close at 43,279. Earlier during the day, CEO Topline Securities Mohammed Sohail commented on X, “When you have badla rate at 30% (MTS), then this 2 to 4% correction at PSX is not surprising at all”. The highest participation was witnessed in Worldcall Telecom Limited (PSX: WTL) with over 153 million shares traded, followed by The Bank of Punjab (PSX: BOP) and K-Electric Limited (PSX: KEL). The scrips had 106.2 million shares and 90 million shares traded, respectively.