The Pakistan Stock Exchange (PSX) witnessed intense selling pressure during Thursday’s trading session, as rising geopolitical uncertainty triggered a massive sell-off, causing the benchmark KSE-100 Index to plunge by more than 6,000 points.
The index closed at 182,338 points after shedding 6,042 points in a single session. During the day, the market lost six major psychological levels simultaneously - 188,000, 187,000, 186,000, 185,000, 184,000, and 183,000 points - highlighting the severity of the downturn.
According to brokers, the market remained under pressure due to disappointing financial results of Fauji Fertilizer Company (FFC) and escalating tensions between the United States and Iran. Additional negative factors included the imposition of super tax, the central bank’s decision not to reduce interest rates, and the impact of rollover week.
It is worth noting that on Wednesday, the benchmark KSE-100 Index had closed at 188,380.39 points, posting a modest gain of 177.53 points, or 0.09 percent.
Globally, Asian stock markets showed signs of stagnation on Thursday as mixed performances in the technology sector made investors cautious ahead of Apple’s financial results. Despite verbal support from US and
European officials, the US dollar also appeared unstable.
Meanwhile, international gold and silver prices surged to record highs as investors continued shifting funds toward safe-haven assets. Oil prices climbed to a four-month high after former US President Donald Trump warned of possible military action against Iran in the event of failure to reach a nuclear weapons agreement.
