KARACHI – Pakistan Stock Exchange witnessed a bloodbath as flagship KSE-100 moved down by a record 4,795 points amid ongoing market correction.
Data shared by Stock Exchange experienced a sharp decline as KSE-100 falls by 4,795 points, which is around 4.32pc, closing at 106,274. This marks a continuation of the recent correction phase, after record rally. on Thursday, index hit high of 111,745 during the session but was unable to maintain momentum, dipping to an intra-day low of 105,937.
The recent phase comes as the market continues its correction phase in the past three trading sessions, the market has shed nearly 10,000 points from its peak of 116,169.41 on December 16, 2024.
Courtesy: PSX
Key sectors including auto, chemicals, banks, power generation, and refineries faced hea of selling pressure, and it is chance for investors who may have missed the recent spike.
The downturn coincides with government’s introduction of Tax Laws (Amendment) Bill, 2024, which seeks to tighten regulations on non-filers. The bill proposes restrictions on non-filers from purchasing vehicles over 800cc, acquiring property beyond a set threshold, and making stock market transactions above a certain limit, aimed at improving financial resources and curbing tax evasion.
Pakistan Stock Exchange suffers 3,790-point drop amid record single-day loss
