The Pakistan Stock Exchange (PSX) witnessed a bloodbath on Thursday, with the benchmark KSE-100 index plummeting by over 1.7% as the market reacted violently to the recent 100-basis-point hike in the policy rate.
The index opened at 164,357.47 points but quickly spiraled downward, hitting an intraday low of 160,391.19. By the closing bell, the KSE-100 settled at 162,994.17, recording a staggering loss of 2,829.70 points.
Market analysts attribute the sell-off to the State Bank of Pakistan’s decision to raise interest rates to 11.50%, a move aimed at curbing inflation driven by global oil surges and Middle East tensions. Heavyweight sectors including Commercial Banks (UBL, NBP) and Oil & Gas (PPL) led the draggers, while select automobile stocks like THALL and INDU provided minor support.
Trading volume remained thin compared to recent averages, closing at 366.14 million shares for the index constituents.
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