Selling pressure was observed at the start of trading at the Pakistan Stock Exchange on Wednesday, causing the benchmark KSE-100 Index to drop by nearly 600 points in early trade.
According to sources, at 10:50 a.m., the KSE-100 Index fell by 593.76 points, or 0.32 percent, to 183,357.74 points. Selling pressure was seen in major sectors including automobile assemblers, cement, commercial banks, and fertilizers. Stocks such as POL, PSO, HBL, MCB, and FFC were also trading in the negative zone.
It is worth recalling that on Tuesday, the KSE-100 Index closed at 183,951.51 points after gaining 1,567.36 points, or 0.86 percent.
On the global front, Asian stock markets rallied on Wednesday, mainly driven by gains in Japanese shares, while concerns over central bank independence and slightly softer inflation data in the United States led to sharp fluctuations in currency values.
MSCI’s broadest Asia-Pacific share index rose 0.2 percent on Wednesday and was trading slightly below its record high reached on Tuesday. Chinese stocks rose 0.7 percent in early trading, while European stock futures were also up 0.1 percent.
