Bears dominate at PSX as KSE-100 falls over 900 points

Bears dominated the trading floor at the Pakistan Stock Exchange (PSX) on Tuesday, as the benchmark KSE-100 index experienced a sharp downfall of over 900 points. 

According to the PSX website, the stock market opened on a positive note and started its upward trajectory from the previous close of 65,755.30 points. 

However, the benchmark KSE-100 index started to fall due to excessive sell-off pressure during intraday trading. As of 1:00 pm, the index plunged to the lowest level of 64,664.66, down by 1,073.65 points or 1.63%. 

The sell-off affected various sectors, including automobiles, chemicals, banking, oil & gas, and refineries. Major companies such as OGDC, PPL, PSO, and SHEL saw declines in their stock values.

On Monday, Muhammad Aurangzeb, the former CEO of HBL, assumed the role of Finance Minister of Pakistan after being sworn in. 

This appointment follows weeks-long speculation about the top position in the finance ministry, which is key for the country’s discussions with the International Monetary Fund (IMF). Investors were also keen to see who would lead the finance team in the federal government. 

Analysts said market participants were taking their positions after heavy buying in the previous sessions. Some experts attributed the selling to a much-needed technical correction in the market.