PSX suffers massive crash as KSE-100 sheds 4,795 points

KARACHI: The bearish trend continued in the Pakistan Stock Exchange (PSX) as the KSE-100 index shed 4,795 points on Thursday, marking the biggest point-wise drop in history.

KSE-100 shed 4,795.32 points, or 4.32 percent to settle at 106,274.98 at the closing of the stock market as against 111,070.29 points the previous trading day.

Collectively, the KSE-100 index lost 8,495 points during the previous two sessions.

A total of 1.16 billion shares were traded during the day at the PSX, as compared with 1.11 billion shares the previous trading day.

The price of shares stood at Rs56.8 billion as compared with Rs60.24 billion on the last trading day at the Pakistan Stock Exchange.

As many as 472 scrips were active in the stock market, out of which, 66 recorded gains and 371 sustained losses while the share price of 35 companies remained unchanged.

Analysts at Topline Securities called it a massacre at the PSX, saying that the KSE-100 Index experienced an unprecedented collapse, plummeting by 5,132 points in a single trading session—marking the steepest point-wise decline in its history.

They explained that this sharp sell-off was triggered by significant redemptions from local mutual funds, compounded by year-end profit-taking by institutions, collectively dragging the market into turmoil.

Read More: PSX slumps as KSE-100 sheds 3,790 points

“However despite the bleak sentiment, trading activity remained robust, with a total volume of 1,155 million shares and a turnover of Rs 56.6 billion. WTL topped the volume chart, trading an impressive 177 million shares during the session”, analysts added.

WorldCall Telecom remained the top-trading company with 177.65 million shares at Rs1.52 per share, followed by K-Electric Ltd. with 81.9 million shares at Rs5.22 per share.

Cnergyico PK remained the third with 68.34 million shares to settle at Rs5.84 per share at the closing of the PSX.

Rafhan Maize Products Company Limited was the top gainer with an increase of Rs348.58 per share price to close at Rs9,250.58, followed by Indus Motor Company Limited with an Rs186.79 rise in its per share price to Rs2,245.36.

Unilever Pakistan Foods Limited recorded a decline of Rs267.44 per share closing at Rs20,625.42, followed by Nestle Pakistan Limited with Rs187.63 decline to close at Rs7,241.37.