Share prices sink by 4,800 points at Pakistan Stock Exchange

The share prices fell like nine pins at Pakistan Stock Exchange (PSX) on Thursday amid all-round profit-taking and cautious approach by the foreign investors, reported 24NewsHD TV channel.

At the close of business, the PSX plunged by 4,795.32 points or -4.51 percent to 106,274.97, compared to Wednesday’s close of 111,070.29 points.

Experts opined that the downturn was driven by profit-taking by investors, an unstable rupee and weak global oil prices. Stocks bearish on concerns over foreign outflows and outlook for cautious SBP policy easing on susceptible multiple risks,” they added.

On December 16, the State Bank of Pakistan had cut its key interest rate by 200 basis points to 13 percent, marking the fifth straight reduction since June.

Blue-chip stocks in the PSX include large, stable companies like Oil & Gas Development Company (OGDC), Hub Power, Engro, Nestlé and Lucky Cement. These companies are known for strong performance, financial stability, and industry leadership, making them popular for long-term investments.

Yesterday, the stock market had suffered the largest single-day point-wise loss on unabated across-the-board selling pressure, losing nearly 3,800 points. The index lost over 5,000 points or 4.4pc in two sessions post-rate cut, which could be classified as nervous selling if it was called panic-offloading despite positive economic indicators.

Reporter Ayaz Rana