PSX suffers another major crash, drops over 8,400 points

KARACHI: The Pakistan Stock Exchange (PSX) opened in the green on Thursday, with the benchmark KSE-100 index posting significant gains following a sharp decline in the previous session.

At around 9:35 AM, the KSE-100 index was trading at 111,881.02, up by 1,872 points, with a volume of 3,207,737 shares. The positive start came after the market had witnessed a dramatic fall of over 6,500 points during intraday trade on Wednesday. Although the index had managed to recover some ground by the close, it still ended the session over 3,500 points lower.

By 10:33 AM, several KSE-100 companies continued to trade in the red. These included Agritech Limited (AGL), down by 7.02 per cent or Rs3.36 to Rs44.52; Pakgen Power Limited (PKGP), lower by 5.69 per cent or Rs6.64 to Rs110; and Meezan Bank Limited (MEBL), which shed 1.94 per cent or Rs5.09 to Rs257.80.

On the other hand, companies trading in the green included Hum Network Limited (HUMNL), which rose by 3.88 per cent or Rs0.47 to Rs12.57; Pakistan Services Limited (PSEL), up 3.78 per cent or Rs35.61 to Rs977; and Gadoon Textile Mills Limited (GADT), which gained 3.73 per cent or Rs10.69 to Rs296.95.

In terms of absolute price gains, Unilever Pakistan Foods Limited (UPFL) was among the top gainers, up by 2.06 per cent or Rs464.71 to Rs22,996. Meanwhile, Pakgen Power Limited (PKGP) was the top loser in price terms, falling by Rs6.64 or 5.69 per cent to Rs110.

As of 10:45 AM, automobile assemblers were mostly trading in the green. Dewan Farooque Motors Limited (DFML), Honda Atlas Cars (Pakistan) Limited (HCAR), Hinopak Motors Limited (HINO), Indus Motor Company (INDU), and Sazgar Engineering Works Limited (SAZEW) saw gains, while Atlas Honda Limited (ATLH), Ghandhara Industries Limited (GHNI), and Al-Ghazi Tractors Limited (AGTL) were in the red.

By 10:51 AM, the market remained in the green, with the KSE-100 index rising by 481.72 points, or 0.44 per cent, to 110,490.74.

Over a one-year period, the KSE-100 index is up by 52.19 per cent. However, on a year-to-date (YTD) basis, the market is down by 4.03 per cent. The index has traded in a 52-week range between a low of 71,781.96 and a high of 120,796.67.

The PSX witnessed a deeper selloff with the KSE-100 Index tumbling 8,410 points to 101,598.90 by 1:41 pm — a steeper drop than the previous crash. Trading volume at the time stood at 155.88 million shares, exhibiting increased investor anxiety and market volatility.

Previous session

On Wednesday, the KSE-100 index closed at 110,009.02, plunging by 3,559.48 points or 3.13 per cent. The market witnessed panic selling amid heightened tensions at the Pakistan-India border, with reports suggesting an Indian attack on Pakistani territory.

The stock market fluctuated within a range of 5,449.69 points during the session, recording an intraday high of 112,457.37 and a low of 107,007.68.

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