PM visit fails to keep bourse positive

Intense selling pressure gripped Pakistan Stock Exchange (PSX) on Wednesday as the benchmark KSE-100 index dived around 1,900 points, driven by profit-booking at higher valuations. Prime Minister Shehbaz Sharif visited the PSX, which gave initial boost to the stock exchange. However, he did not announce any immediate relief measures, putting a dent on investor confidence. Although trading started on a strong note, with the index hitting the intra-day high of 117,750.23 points in the first half, uncertainty erased the earlier gain of nearly 1,700 points later in the day. Extensive selling pressure was particularly noted across sectors such as banking, and exploration and production, which pushed the index to the intra-day low of 113,847.04 towards the close of trading.