PSX slides nearly 2,940 points in intraday trade

ISLAMABAD: The Pakistan Stock Exchange extended its decline on Wednesday, with the benchmark KSE-100 index losing 2,939.51 points in intraday trading to reach 183,316.04 by 1:34pm.

The drop amounted to 1.58 per cent from the previous close of 186,255.55, adding to the weakness seen a day earlier when the market ended a five-session winning run. On Tuesday, the benchmark had fallen by more than 1,100 points and closed below the 187,000 level as investors booked profits after a record-setting rally.

The recent pullback followed a strong rise earlier in the week. On Monday, the KSE-100 index had crossed 187,000 points on the back of optimism linked to lower energy prices and expectations of an interest rate cut. That advance had led analysts to suggest the market could move past its January all-time high of 189,167.

Topline Securities Ltd said Tuesday’s fall was caused by selling pressure that emerged across major sectors in the second half of the session. It added that investor sentiment stayed cautious because of weakness in regional equity markets, leading market participants to secure recent gains after the index’s sharp climb over the previous several sessions.