Karachi: After seven days of consecutive bullish trend The Pakistan Stock Exchange (PSX)turned to bearish on Tuesday witnessing a sharp pullback as the benchmark KSE-100 Index lost more than 500 points during early trading hours,
Market analysts attributed the dip to profit-taking by investors following a prolonged bullish run, coupled with growing uncertainty over the global economic outlook amid fresh tariff-related developments by the United States.
At 10:15am, the KSE-100 Index was down by 501.25 points or 0.38 per cent, hovering around 132,868.89. Selling pressure was evident across key sectors including automobile assemblers, commercial banks, cement, fertiliser, oil and gas exploration, and power generation.
Heavyweight stocks such as Hub Power Company (HUBCO), Mari Petroleum (MARI), Oil and Gas Development Company (OGDC), Pakistan State Oil (PSO), MCB Bank, Meezan Bank (MEBL), and United Bank Limited (UBL) were trading in the red, contributing significantly to the index’s decline.
The market’s retreat follows Monday’s record-breaking close, where the KSE-100 surged by 1,421 points or 1.08pc to settle at an all-time high of 133,370, fuelled by strong corporate earnings expectations and improving macroeconomic indicators.
