PSX Falls By 5,405 Points: On Thursday, Widespread Panic Due To Mounting Geopolitical Tensions And Rising Oil Prices Triggered Panic Selling
According to Dawn News, equities at the Pakistan Stock Exchange (PSX) declined tremendously on Thursday. This caused the benchmark KSE-100 to fall sharply by 5,405 points. The decline attributed to 3.41% which settled at 152,907.97 points.
Iran’s rejection of United States’ 15-point proposal pushed global oil prices further up. The bleak outlook was then reflected in Pakistan as well and PSX responded accordingly.
In addition to this, the investor’s sentiments were further damaged by the “speculation over a potential increase in cut-off yields in the upcoming Pakistan Investment Bonds (PIB) auction”.
The biggest Index-heavy stocks, including United Bank Ltd, Fauji Fertiliser Company, Engro Holdings, Lucky Cement, Hub Power Company, Pakistan Petroleum Ltd, Habib Bank Ltd, Meezan Bank Ltd and National Bank of Pakistan contributed majorly to the fall in the index by 3,033 points. Other companies contributed with 2,372 points to a total of 5,405 points decrease.
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