Volatility persisted at the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 Index, continuing its correction mode, fell below the 62,000 level during trading on Thursday.
At 12:10pm, the benchmark index was hovering at 61,937.53, a decrease of 510.48 points or 0.82%. Earlier during the day, the index hit an intra-day low of 61,750.97 or 697.04 points lower.
A mixed session was witnessed with index-heavy sectors including cement, chemical, and commercial banks trading in the red while automobile assemblers, refinery, oil and gas exploration companies and OMCs sectors trading in green.
On Wednesday, the PSX remained in the correction phase, as the benchmark KSE-100 Index lost nearly 400 points to settle at 62,448.01.
Experts say that the ongoing selling pressure comes on account of correction after the Pakistani market showed impressive growth in recent weeks, pushing the index to record high levels of over 66,000.
Globally, equities took a hit on Thursday after Wall Street snapped a long winning streak, while Treasury yields were near five-month lows on hopes Britain’s notably soft inflation reading would be echoed in looming US price data.
The equities rally, which had been driven by falling interest rates and the Federal Reserve’s dovish turn, stalled on Thursday even after US economic data that beat expectations initially turned the major indexes green.
A far steeper-than-expected decline in British inflation also took markets by surprise.
All three major US stock indexes registered a decline.
The Dow Jones Industrial Average fell 1.27%, the S&P 500 lost 1.47% and the Nasdaq Composite dropped 1.5%.
This is an intra-day update
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