The Pakistan Stock Exchange (PSX) faced heavy selling on Thursday, with the benchmark KSE-100 Index losing more than 2,500 points.
The index closed at 180,512.64, down 2,537.16 points or 1.39%. Selling pressure was seen across major sectors, including cement, commercial banks, and oil and gas exploration and refining companies. Big stocks like MCB, NBP, OGDC, POL, PPL, and ARL closed in the red, affecting overall market sentiment.
Earlier, on Wednesday, the market had a cautiously positive day. Selective buying in key sectors helped the KSE-100 Index gain 896.25 points or 0.49%, closing at 183,049.81 points.
Banking Sector Moves to Support Exporters
In related news, Pakistan’s banking sector announced a voluntary 3% reduction in the markup rate on the Export Refinance Facility (ERF). This brings the end-user cost for exporters down to 4.50%, effective immediately.
The Pakistan Banks Association (PBA) said this decision was made in the national interest to lower financing costs for exporters, increase foreign exchange inflows, and support the country’s economic recovery.
The drop in the stock market highlights investor caution, while the banking sector’s move aims to boost economic activity and exports.
