PSX Crashes By Over 2,500 Points, its Worst Day in History

Bears wrecked the Pakistan Stock Exchange (PSX) today, with the benchmark KSE-100 index losing over 2,500 points after equities abruptly entered correction mode with indicators like over-leveraging, profit-taking, and General Elections weighing heavily on market sentiments. The benchmark KSE-100 index appeared bearish from the opening bell and immediately dropped into the red zone, losing 1,567 points after trading resumed on Tuesday. After opening trade at 61,705 points, the benchmark KSE-100 index crashed to 60,138 at 10:40 AM. Later at 11:05 AM, it climbed to 60,503, down by 1.95 percent or 1,201 points. At 11:15 AM, it was down 1.88 percent or 1,162 points at 60,543. At 3:27 PM, it clocked in at 59,026, down by 4.34 percent or 2,679 points. It settled at 59,170, down 4.11 percent or 2,534 points. Notably, the KSE-100 index has dropped 11 percent or 7,256 points from its historic peak of 66,427 observed roughly over 2 weeks ago. Many experts suggest the index’s key support level is around 58,500 and trends will likely ease starting January 2024. “KSE 100 Index. From 67k to 60k in just 9 trading days. Fast (much needed) correction after non-stop rally. High Leveraged position with year end affecting market trends,” CEO Topline Securities Mohammed Sohail said in a tweet on X. The highest participation was witnessed in K-Electric Limited (PSX: KEL) with over 97 million shares traded, followed by Worldcall Telecom Limited (PSX: WTL) and The Bank of Punjab (PSX: BOP). The scrips had 72 million shares and 41 million shares traded, respectively. Equities around the world observed mixed trends, with fuel products taking hits so far today. At 4:43 PM (PKT), Brent Crude was down by $0.06 or 0.08 percent to $79.01 per barrel while WTI was down by $0.13 or 0.18 percent to $73.43 per barrel.