PSX: KSE-100 sheds over 1,100 points on selling pressure

Business Recorder reported that the KSE-100 closed lower in a volatile Thursday session on the Pakistan Stock Exchange, shedding 1,138.50 points to finish at 167,441.90. The index had earlier climbed to an intraday high of 169,486.60, but selling pressure took hold through midday. A modest afternoon rebound failed to last, and the benchmark drifted back to end near its low.

Separately, officials and the IMF have arrived at a staff-level accord that still requires the IMF Executive Board's approval. Once endorsed, Pakistan could draw roughly $1 billion through the Extended Fund Facility, plus around $210 million via the Resilience and Sustainability Facility. Together, the two arrangements would lift total disbursements to about $5.7 billion.

On Wednesday, buying at lower levels, mainly in oil and gas and refinery shares, had lifted the KSE-100 by 120.30 points, or 0.07%, to 168,580.41. Abroad, Asian shares weakened on Thursday as bond market stress deepened, after reports that large technology firms were seeking heavy debt to fund AI chip purchases. The Wall Street Journal, adding to earlier media reports, said SpaceX, Broadcom and Oracle were looking to raise money for AI chips, and the cost of insuring SpaceX debt against default hit record levels.