KARACHI: The Pakistan Stock Exchange (PSX) witnessed bloodshed as the flagship KSE-100 plunged by a record 4,795 points amid an ongoing market correction.
As per the details, the data shared by the stock exchange showed a sharp decline as the KSE-100 fell by 4,795 points, or around 4.32pc, to close at 106,274. This marks the continuation of the recent corrective phase after the record rally.
On Thursday, the index touched a high of 111,745 during the session but failed to maintain momentum, falling to an intraday low of 105,937.
The recent phase comes as the market has continued its corrective phase in the past three trading sessions, with the market having lost nearly 10,000 points from its peak of 116,169.41 on December 16, 2024.
Key sectors including auto, chemicals, banks, power generation, and refineries faced selling pressure, and this is an opportunity for investors who may have missed out on the recent rally.
The downturn coincides with the government’s introduction of the Tax Laws (Amendment) Bill, 2024, which seeks to tighten regulations on non-filers.
The bill proposes to ban non-filers from buying vehicles above 800cc, acquiring property above a specified limit, and engaging in stock market transactions above a certain threshold, with the aim of improving financial resources and curbing tax evasion.
