PSX plunges over 1,400 points as selling pressure mounts

The KSE-100 was down 1,421.85 points, or 0.86 per cent, at 164,509.13 by midday Thursday, according to The Express Tribune. The fall reversed the previous session’s 779-point advance, with the index moving from an early high of 166,180.32 to a low of 164,186.90.

By midday, 60.55 million shares worth Rs5.11 billion had changed hands, while the exchange remained open. Selling affected oil and gas exploration, oil marketing, power generation, cement, automobile assembly and refinery stocks; OGDC, PPL, MARI, HUBCO, PSO, HBL and UBL were among the index-heavy shares trading lower. The report said the earlier rebound had followed selective institutional buying and optimism about US-Iran diplomacy and the draft Auto Policy.