PSX: Selling returns, KSE-100 sheds over 300 points

Business Recorder reported that selling returned to the Pakistan Stock Exchange on Thursday, with the benchmark index dropping more than 300 points early in the session. At 9:50am, the KSE-100 stood at 171,929.43, a fall of 303.08 points or 0.18 per cent. The decline followed a strong rally on Wednesday.

Carmakers, cement producers, banks, upstream oil and gas explorers and fuel marketers were among the sectors where selling was seen. Heavyweight stocks LUCK, HBL, MCB, MEBL, UBL, MARI, OGDC, PPL, PSO and SSGC all traded in negative territory.

On Wednesday the index had climbed 830.43 points to close at 172,232.51, a rise the report linked to constructive US-Iran discussions, the arrival of an IMF staff mission and buying in refinery stocks. Separately, Prime Minister Shehbaz Sharif met IMF Managing Director Kristalina Georgieva at the UN General Assembly, while an IMF mission began talks on the next review of the $7-billion Extended Fund Facility.