MARKET REVERSES GAINS IN OPENING SESSION
The Pakistan Stock Exchange faced heavy selling pressure on Thursday, just a day after a historic rally, as the benchmark KSE-100 Index dropped more than 3,600 points within minutes of opening. By 9:34am, the index stood at 162,200.46, down 3,610.54 points or 2.18 percent.
Moreover, losses spread across major sectors, including automobile, chemical, and commercial banking. Key stocks such as Atlas Honda Ltd, Dewan Motors, Fast Cables Ltd., and Allied Bank Ltd. traded in negative territory, dragging the index lower. As a result, investor sentiment turned cautious following the previous session’s strong gains.
On Wednesday, the market had surged by a record 14,137.55 points, or 9.32 percent, closing at 165,811.01. The index moved within a wide range during that session, reflecting intense bullish momentum. However, Thursday’s early decline suggests profit-taking and uncertainty among investors.
GLOBAL MARKETS SHOW CAUTION AMID RISING OIL PRICES
Meanwhile, global markets adopted a more cautious tone as concerns resurfaced over the fragile Gulf ceasefire. Consequently, oil prices edged higher, raising fears of prolonged inflationary pressure. US crude futures rose 2.8 percent to $96.99 per barrel, while Brent crude increased 2.1 percent to $96.74.
In Asia, market performance remained mixed. Japan’s Nikkei fluctuated after a strong previous session, while South Korean stocks slipped slightly. Similarly, a broader Asia-Pacific index outside Japan declined modestly.
On Wall Street, futures for the S&P 500 and Nasdaq both dipped by 0.2 percent, indicating a slowdown after recent gains. In Europe, markets showed mixed trends, with some indices rising slightly while others declined.
Overall, both local and global markets reflected cautious investor behavior amid ongoing geopolitical and economic uncertainties.
