KARACHI: The Pakistan Stock Exchange (PSX) witnessed a bloodbath on Thursday, with the benchmark KSE-100 Index shedding over 2,100 points amid persistent selling pressure.
Investors’ sentiments were shattered over lofty import figure for November, which would widen the ballooning current account deficit. On the other hand, a surge in yields of T-bills renewed fears of a steep hike in the benchmark interest rate this month and aided the sell-off at the bourse.
Rupee failed to take a breather and sank to a new all-time low value against the US dollar. The development triggered panic in the market and fears of imported inflation supported bearish trading.
The sell-off marked the largest single-day decline in a day’s worth of trading at the Pakistan Stock Exchange during the 2021 calendar year, and the third largest in history.
The KSE-100 index plummeted as soon as trading began, recording its intraday low at 43,087.47 after shedding 2,281.67 points. At close, the benchmark KSE-100 index recorded a decrease of 2,134.99 points, or 4.71%, to settle at 43,234.15.
Cements bore the brunt of the selling, with Lucky, Maple Leaf, DG Khan and Cherat Cement all closing at their lower circuit breaker. Tech, exploration and production and fertiliser scrips did not do any better, levelling heavy blows to the index.
Volumes were up 60% from just a day earlier as investors panicked and rushed to get out of their positions. Of the 366 scrips traded in the day, 335 closed red.
