The benchmark swung from a fresh intraday peak above 182,000 to steep losses, paring some of the gains made after Pakistan brokered the US-Iran accord; trading was suspended mid-session, so the figures are intraday rather than a confirmed close.
The Pakistan Stock Exchange reversed sharply on Friday, June 19, with the benchmark KSE-100 Index swinging from a fresh intraday high to steep losses and surrendering part of the rally it had built after Pakistan brokered the US-Iran agreement, according to The Express Tribune.
The index was recorded at 178,539.46, down 2,858.75 points or 1.58 per cent from Thursday’s close of 181,398.21, after touching an intraday high of 182,185.87 and a low of 178,489.02, The Express Tribune reported. The paper noted that trading was suspended during the midday session, so the level reflects an intraday reading rather than a settled close, and the final figure for the day could differ.
The slide marked an abrupt turn from a buoyant open. Earlier in the session the KSE-100 had gained nearly 600 points in early trade, extending recent momentum, Business Recorder reported, before selling pressure took hold. Volume was about 283.7 million shares worth Rs22.67 billion, and advancers had led decliners 307 to 137 earlier in the day before the mood shifted, per The Express Tribune.
Analysts attributed the pullback to profit-taking after a strong run, coupled with cautious sentiment amid global uncertainties, with thin triggers for fresh buying and a broader risk-off mood weighing on local equities, The Express Tribune reported. That contrasted with the prior days’ strength, which the same report tied to an improved regional outlook following the Pakistan-brokered US-Iran deal and softer international oil prices.
The reversal follows a record-setting run. On Thursday the KSE-100 had climbed about 887 points to close at an all-time high above 181,000, as the post-agreement optimism and falling oil prices lifted sentiment, The Express Tribune reported. Friday’s intraday drop pares part of that advance while leaving the index still well above where it traded before the deal-driven rally began.
