PSX: selling continues, KSE-100 down 300 points in early trade

Pakistan’s KSE-100 was at 163,629.14 by 9:50am on Friday, down 295.17 points, or 0.18%, in early trading, Business Recorder reported. Selling affected several groups, among them banks, oil and gas exploration, power generation, cement, automobiles and refineries. HUBCO, MARI, PPL, POL, MCB, MEBL, NBP and UBL were among the index-heavy shares trading lower.

The move followed Thursday’s 2,006.67-point drop, which left the benchmark at 163,924.32, a decline of 1.21%. The report cited geopolitical uncertainty, higher global oil prices and a lack of positive market triggers in connection with that session’s broad retreat. Overseas markets were also weak: Asia-Pacific shares excluding Japan fell 0.3% on Friday, while the Nikkei lost 1.3% and South Korea’s KOSPI dropped 1.7%.