The Pakistan Stock Exchange (PSX) experienced its steepest fall of the year, with the KSE-100 index dropping by 3,505 points, closing at 96,314 points.

The decline followed a record high of 99,819 points earlier in the day, highlighting the market’s volatility amid political instability.

Out of 455 companies that traded, 355 recorded losses, while only 52 posted gains. Over 1.1 billion shares were traded, reflecting significant activity despite the downward trend.

Experts attribute the sharp decline to ongoing political unrest, which has shaken investor confidence.

The bearish turn follows a period of optimism; just days prior, the market recorded an impressive rally, with the 100 Index gaining 2,295 points in a single session and crossing the 99,000-point milestone for the first time.

During the recent bullish phase, the market witnessed a trading volume of 1.24 billion shares worth Rs 45 billion, and 112 companies saw gains.

However, the latest developments have erased much of these gains, raising concerns about the market’s resilience in the face of political uncertainty.

Last week, the PSX displayed bullish activity on Thursday, with the KSE-100 Index crossing the historic 97,000 mark during intra-day trading.

The market opened on a bearish note, with the index initially declining by 250 points.

However, investor sentiment shifted as buying momentum gained pace, propelling the index to an intraday high of 97,030.19 points, marking an impressive gain of 1,483.74 points.

Source: ARY News