PSX witnesses highest-ever, single-day decline of 6,482 points as geopolitical tensions rise
smartcybers786@gmail.com 
A stock broker looks on during a trading session at the Pakistan Stock Exchange (PSX) in Karachi on July 31, 2023. — AFP
#PSX #witnesses #highestever #singleday #decline #points #geopolitical #tensions #rise
KARACHI: The Pakistan Stock Exchange (PSX) on Thursday witnessed the highest reduction so far. Investors chose panic sales after further increase in geopolitical stress, the benchmark KSE-100 index increased by 6,482 points.
Among the sharp sales, after falling more than 5.0 % for the KSE -30 index for five consecutive minutes, after the market circuit breaker mechanism activated, trading was temporarily stopped for an hour.
KSE -100 fell 6,482.21 points, or 5.89 percent, at 103,526.82 points, less than 110,009.03 points listed in the final session. The highest index of the day was 111,881.03 points, while the lowest level was recorded at 101,598.91 points.
Since the Pahalgam attack (April 22), the market has lost Rs 1.9 trillion. PSX closed at 103.526 points and lost 12.6 percent or 14,904 points.
“Stocks have seen the biggest decline in history in the entire board amid tensions between Pakistan and India and growing fears between Pakistan and India,” said Arif Habib Limited. He said that a weak rupee, economic uncertainty and the falling Pakistan dollar bonds played a role in the nearby record.
The KSE -30 index decreased by 2,131.27 points or 6.34 percent to 33,609.41 points to 31,478.14 points.
Shares of trade increased from 550.076 million shares to 103 million shares to 653.55 million shares. The commercial value increased from Rs 30.121 billion to Rs 35.437 billion. Market Capital has been limited to Rs 12.525 trillion as compared to Rs 13.344 trillion. Of the 450 companies operating in the session, 35 were closed in green, 373 in red and 42 changed.
Topline Securities analyst, Muzam Moula, said PSX suffered an unusual error on Thursday.
Throughout the session, investors’ sentiments were deeply shaking, which saw the most fluctuations. The KSE -100 recorded its highest intra -day Movement 10,282 points, with an intra -day height of 1,872 points to 8,410 points.
He said, “Geographical political progress has been dangerous after the market crash after the announcement of ISPR Director General LT General Ahmed Sharif Chaudhry Chaudhry.” The statement sent a shockwave through financial markets, which is growing with a large scale from cross -border hostility. Investors moved to offload positions, which led to a wide range of decline in the sectors. “
PIA Holding Company Limited B recorded the highest increase, which increased by Rs 639.28 to Rs 7,032.03 per share, followed by Khyber Textile Mills Limited, which increased to 60.73 to 6668.07 per share. Unilever Pakistan Foods Limited noted a significant reduction, which was reduced by Rs 4550.54 to Rs 22,080.75 per share. Rafan Maize Product Company Limited followed it, which closed from Rs 172.44 to Rs 8,652 per share.
JS Global analyst Mohammad Hassan Athar said that military tensions between India and Pakistan increased, which cleared billions of market prices. “Temporary trade barriers have worked very little to calm the nerves of the investors. Moving forward, market sentiments are critical, depending on geographical political developments. Diplomatic dequation and government assure to strengthen confidence and prevent more negative aspects in the upcoming sessions.”
World Calle Telecom remained a volume leader with a 93.253 million shares, which closed at Rs 1.10 per share, less than 12 money. Cohenor spinning, with 28.484 million shares, followed it, which closed to Rs 3.94 per share to Rs 3.94 per share.
Other major business stocks in the Future Market in Electric Limited, Bo Punjab, Military Cement, Kanjoco PK, Maple Leaf, Sui South Gas, Pak Int Bulk, and Military Foods Limited, 321 companies recording trade, which increased by 5 and declined by 316.
