PSX plunges over 2,500 points, stays in red throughout early trade

KARACHI: The Pakistan Stock Exchange (PSX) opened sharply lower on Thursday, with the benchmark KSE-100 index dropping by 2,564.94 points to 114,661.20 within the first five minutes of trade.

The market remained in negative territory throughout the early session, trimming some of the initial losses but failing to post any gains. By 9:51 AM, the index had recovered modestly to 116,210.64, still down by 1,015.5 points, while the trading volume stood at 34,151,135 shares.

As of 11:17 AM, the PSX had not entered positive territory at any point since the session began. The highest level observed after the opening bell was 116,569.13, recorded around 10:25 AM, when the index was still lower by 658.01 points. By 11:21 AM, the KSE-100 index stood at 116,188.69, showing a decline of 1,037 points or 0.88 per cent.

Among the top laggards during this period were Tariq Corporation Limited, which fell by 12.06 per cent or Rs1 to Rs7.29, Bawany Air Products Limited (BAPL), which declined by 10.01 per cent or Rs3.25 to Rs29.22, and Ghani Chemworld Limited (GCWL), which was down 10 per cent or Rs1 to Rs9.

On the other hand, some stocks managed to post notable gains despite the broader market pressure. Dewan Mushtaq Textile Mills (DMTM) rose by 16.69 per cent or Rs1 to Rs6.99, Sardar Chemical Industries Limited (SARC) increased by 10.02 per cent or Rs2.71 to Rs29.76, while PIA Holding Company Limited (PIAHCLB) was up by 10 per cent or Rs272.01 to Rs2,992.08.

Despite the sharp intraday drop, the PSX remains up by 61.29 per cent when compared to the same period last year. On a year-to-date basis, the KSE-100 index has registered a gain of 0.94 per cent. Over the past 52 weeks, the index has traded between a low of 70,562.12 and a high of 120,796.67.

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