PSX sheds over 1,146 points settled at 65,280

The KSE-100 Index of Pakistan Stock Exchange (PSX) on Wednesday fell by over 1164 points via selling spree witnessed after market crossed its all time of 67000 points.

The KSE-100 started the session positive as it briefly topped an all-time high of 67,093 points earlier in the day.The momentum could not be sustained and fell to as low as 64,427.38 points (2000 points negative), before closing at 65,280.16 points, down by 1146.62 points or 1.73%.

The index had an intense selling spree sent it crashing to 64,427.39 points, a loss of nearly 2,000 points.The index traded in a wide range of 2,666.58 points showing an intraday high of 67,093.96 (+667.18) and a low of 64,427.39 (-1,999.40) points.

Yesterday, State Bank of Pakistan (SBP) in its Monetary Policy Committee (PC) kept the key policy rate unchanged at 22% which was in line with market expectations.

Read Also : SBP maintains policy rate unchanged at 22% 

The profit taking forced the market sentiment bearish on Wednesday as most of the sectors traded in the negative territory, especially the heavyweights such as automobile assemblers, cement, chemical, commercial banks, and refinery.

The market analysts believe that the highly leveraged position and some selling by local institutions as well as a “much-needed correction” were witnessed today.