KARACHI: Pakistan Stock Exchange’s KSE-100 Index fell 295.17 points, or 0.18%, to 163,629.14 by 9:50 am on Friday as selling pressure continued.
Major sectors traded lower, including automobiles, cement, commercial banks, oil and gas exploration, oil marketing, power generation and refineries. Friday’s decline followed a much steeper sell-off in the previous session.
The benchmark lost 2,006.67 points, or 1.21%, on Thursday and closed around 163,924 points. Geopolitical uncertainty and higher international oil prices had weighed on sentiment during that session.
Weakness also spread across Asian equity markets on Friday as concerns over artificial intelligence funding hit technology stocks. MSCI’s broadest Asia-Pacific index outside Japan fell 0.3%.
Read: PSX KSE-100 Index Hits Historic 162,000 Points
Japan’s Nikkei dropped 1.3%, while South Korea’s KOSPI lost 1.7%. Markets also reduced expectations for further US Federal Reserve tightening, while demand for sovereign bonds and safe-haven currencies rose.
The KSE-100 stood at 163,629.14 at 9:50 am on Friday, down 295.17 points or 0.18%, as selling continued across major sectors.
Read: KSE-100 Hits All-Time High of 163,847: PSX Surges Amid Economic Optimism
The index was down about 20% from its late-June peak. Hong Kong’s Hang Seng edged up 0.1% after dropping 3% on Thursday.
