PSX Partially Recovers After Going Down by 6,500 Points as Pak-India Tensions Flare

The Pakistan Stock Exchange (PSX) witnessed a bloodbath on Wednesday morning as the benchmark KSE-100 index plummeted by over 6,500 points during intraday trade, following late-night strikes launched by India. However, majority of the losses were recovered as the KSE-100 index closed at 110,009 points, down 3,559 points or 3.24 percent. “The benchmark index saw significant volatility today, dropping by 6,561 points in early trade amid broad-based panic selling following an overnight military clash between Pakistan and India,” brokerage house Topline Securities said in a note. However, the market regained some ground after the initial shock. Investors remain cautiously optimistic, expecting stability if tensions do not escalate further, it added. The downward trajectory of the index was largely driven by negative contributions from key stocks such as LUCK, HUBC, UBL, SYS, and ENGROH, which collectively dragged the index down by 967 points. A total of 550,076,224 shares were traded during the day as compared to 399,538,878 shares the previous trading day, whereas the price of shares stood at Rs. 30.12 billion against Rs. 19.852 billion on the last trading day. As many as 447 companies transacted their shares in the stock market, 49 of them recorded gains and 356 sustained losses, whereas the share price of 42 companies remained unchanged.