Selling grips bourse, KSE-100 sheds over 2,100 points

Selling pressure was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index shedding over 2,100 points during the opening hours of trading on Friday. At 10:10am, the benchmark index was hovering at 159,083.87, a decrease of 2,126.80 points or 1.32%. Selling was observed in key sectors, including automobile assemblers, cement, commercial banks, fertilisers, oil and gas exploration companies, power generation and refinery. Index-heavy stocks, including HUBCO, MARI, POL, PPL, MCB, MEBL, NBP and UBL, traded in the red. On Thursday, PSX witnessed one of its most powerful rallies in recent sessions, as the benchmark KSE-100 Index surged by more than 5,400 points in a sweeping show. The benchmark KSE-100 Index closed at 161,210.68 points, registering a sharp gain of 5,433.46 points or 3.49%.