PSX sheds 3,560 points amid panic selling in jittery October

Pakistan’s KSE-100 finished October at 166,409 points after losing 3,560 points, or 2.1 per cent, over the month, Dawn reported. Arif Habib Ltd linked the retreat to regional tensions and uncertainty at home, while Topline Securities also cited overseas fund withdrawals, profit-taking and concerns about the domestic economy. Late-month gains partly offset the decline, as diplomatic activity and stronger-than-expected company earnings helped sentiment.

The benchmark added 4,034 points in the final week, and average daily volume climbed 121 per cent to 1.095 billion shares, according to AKD Securities. Higher oil prices and a 50-basis-point policy-rate increase to 12 per cent were among the month’s economic pressures; September inflation was 10.26 per cent. Still, companies making up 96 per cent of the index’s weight reported combined nine-month earnings of Rs1.638 trillion, 26 per cent above the same period a year earlier. Banks, fertiliser, cement, investment firms and exploration companies led weekly gains, with MCB Bank, United Bank and Oil and Gas Development Company among the positive contributors.