The Pakistan Stock Exchange (PSX) witnessed a sharp sell-off on Wednesday as investors cashed in on the gains made by the benchmark KSE-100 Index, which had reached an all-time high of 67,093 points earlier in the day. The index, however, could not sustain the momentum and fell to as low as 64,427.38 points, before closing at 65,280.16 points, down by 1146.62 points or 1.73%. However, some profit-taking and correction was inevitable after the rapid rise, as the market also faced some political uncertainty and external challenges. This was the second-highest monthly return in percentage terms in over a decade, only behind Covid’s abnormal return in April 2020. The surge in Pakistan’s stock market rally had been a pivotal factor in the 50% increase in the benchmark index since late June, making it the world’s second-best performer during this period, following Argentina.

Source: Pakistan Today December 13, 2023 13:34 UTC