The Pakistan Stock Exchange (PSX) continued to witness selling pressure as the benchmark KSE-100 dropped nearly 2,600 points on Wednesday.
At close, the benchmark index settled at 165,823.87, a decline of 2,588.36 points or 1.54%.
Selling was evident across major sectors, including commercial banks, oil and gas exploration companies, OMCs, power generation, and refineries.
On Tuesday, the PSX remained under pressure for a second consecutive session as investors continued to react to the State Bank of Pakistan’s unexpected 100 basis point hike in the policy rate.
Market activity stayed volatile throughout the day, with broad-based selling in heavyweight sectors ultimately pushing the benchmark KSE-100 Index down by 1,085.12 points, or 0.64%, to close at 168,412.23 points.
On Wednesday, Prime Minister Shehbaz Sharif informed the cabinet that Pakistan’s oil import bill has surged by approximately 167%, reaching $800 million per week compared to about $300 million prior to the ongoing regional conflict.
