Selling persists at bourse, KSE-100 down over 2,100 points

Massive selling pressure was observed at the Pakistan Stock Exchange (PSX) on Friday, with the benchmark KSE-100 Index shedding over 2,100 points during the opening minutes of trading. At 10:05am, the benchmark index was hovering at 178,391.58, down 2,121.06 points or 1.18%. Selling was observed in key sectors, including cement, commercial banks, fertiliser, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks, including OGDC, MARI, POL, PPL, HUBCO, ARL, MCB, MEBL and UBL, traded in the red. The government is reportedly considering the imposition of a cess on fertiliser companies to recoup windfall profits, which will be ring-fenced for the benefit of farmers, well-informed sources told Business Recorder. On Thursday, the PSX remained under sustained selling pressure as heightened uncertainty, sector-wide weakness and negative sentiment surrounding large-scale mining investments triggered a sharp retreat across benchmark indices. The benchmark KSE-100 Index shed 2,537.16 points, or 1.39%, to settle at 180,512.65 points.