Bearish sentiment grips PSX as KSE-100 falls below 75,000

Pakistan Stock Exchange (PSX) witnessed a bearish trend on Wednesday, causing the benchmark KSE-100 index to plunge below the 75,000 mark. 

According to the PSX website, the market opened positively but soon turned negative. At 01:22 pm, the benchmark index fell over 700 points, dragging the market to 74,766 points.  

At the close, the index settled at 74,836.30, down 681.19 points or 0.90% from the previous close of 75,517.48 points. 

Key sectors, including automobile assemblers, cement, chemical, commercial banks, oil and gas exploration companies, OMCs, and refinery, experienced across-the-board selling pressure. Major stocks such as OGDC, PPL, SNGPL, HBL, and NBP were in the red.

Experts attributed the selling pressure to the government’s anticipated fiscal measures in the 2024-25 budget. 

On Monday, the market also faced selling pressure, with the KSE-100 index losing 466 points to settle at 75,517.49.