PSX sees sharp correction after record highs, loses over 1,300 points

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a sharp downturn on Thursday, with the benchmark KSE-100 Index shedding 1,348.86 points in intraday trading after opening at 166,553.27 points.

The selling pressure came a day after the market had surged to an intraday high of 168,414.13 points, driven by heavy buying in commercial banks, oil & gas exploration, and fertilizer sectors.

Profit-taking dominated today’s session as investors chose to book gains following Wednesday’s remarkable rally. Market sentiment also appeared cautious amid renewed concerns over policy rates, upcoming corporate results, and the global oil price outlook.

Volumes remained healthy but skewed toward profit-booking in heavyweight stocks, particularly in banking and energy counters that had led the previous session’s surge. Analysts noted that despite today’s pullback, the broader market outlook remains positive, supported by improving macroeconomic indicators and investor optimism over potential monetary easing in coming months.

By midday, the index was hovering near the 165,200 mark, reflecting consolidation after recent highs. Traders expect volatility to persist in the near term as the market digests profit-taking and awaits fresh triggers for direction.