PSX: selling at bourse, KSE-100 down over 500 points

Business Recorder reported that the KSE-100 was 523.08 points lower, a decline of 0.29%, at 178,812.16 by 9:45am on Wednesday. The benchmark had lost more than 500 points in early dealings as traders responded to worries over attacks on shipping in the Strait of Hormuz. Selling affected several areas of the market, while HUBCO, SSGC, MARI, PPL, MCB, MEBL, NBP and UBL were among the index-heavy shares trading lower.

The morning pullback followed Tuesday’s strong advance, when the index gained 5,448.56 points, or 3.13%, to finish at 179,335.24 amid improved geopolitical sentiment after US President Donald Trump’s peace remarks. Overseas markets offered mixed signals: October core US inflation came in at 0.3% month on month, above the 0.2% forecast, and Fed officials’ comments raised attention to possible rate increases. Asian shares were mostly firmer, while the report also noted that bonds fell and the dollar held its ground.