KARACHI – The Pakistan Stock Exchange (PSX) witnessed significant selling pressure as the benchmark KSE-100 Index dipped below the 65,000 mark, shedding nearly 1,000 points on Tuesday, which analysts described as a long-awaited ‘technical correction’.
By 1:30 pm, trading had been halted, with the benchmark index standing at 64,801.70, marking a decline of 953.60 points or 1.45%. Earlier in the session, the index had hit an intra-day low of 64,664.66.
Several sectors, including auto, chemicals, banks, oil & gas, and refineries, which had experienced a bullish trend recently, were unable to escape the wave of selling.
Experts attributed the sell-off to a necessary correction in the market.
Analysts also pointed out that participants were readjusting their positions after significant buying in previous sessions.
In a significant development, Muhammad Aurangzeb, former CEO of HBL, assumed the role of Finance Minister of Pakistan after taking the oath at the Presidency. His appointment follows intense speculation regarding the selection of the finance minister, with Aurangzeb chosen over other experienced candidates.
Aurangzeb’s appointment comes at a critical juncture for Pakistan’s economy, grappling with challenges such as mounting debt, sluggish growth, and high inflation.
Investors were keenly observing the appointment of the new Finance Minister, as they play a crucial role in negotiations with international bodies like the IMF, noted Topline Securities in its report.
