KSE-100 opens sharply lower as investor caution and foreign selling weigh on market
KARACHI: Pakistan’s benchmark stock index, the KSE-100, tumbled 2,383.82 points during early trading on Tuesday amid heightened market volatility. The index fluctuated between 165,185.08 and 169,237.51 points before noon, signaling strong intraday swings.
Among the most active stocks, Hascol Petroleum Limited led losses, falling 6.88% to Rs 16.10 on a volume of 25.4 million shares. Bank of Punjab dropped 5.50% to Rs 28.53, while Worldcall Telecom Limited slipped 1.51% to close at Rs 1.30.
This decline follows two major drops earlier in February: the KSE-100 fell 5,149.80 points on February 16 and recorded its largest single-day loss in history on February 19, plunging 6,683 points. Analysts describe the current downturn as a “correction mode,” driven by above-average foreign selling, concerns over the Reko Diq project, weaker corporate results, and stock futures unwinding.
Market experts emphasize that this should not be seen as a bearish trend but rather an 11% market correction. Investor sentiment is expected to remain sensitive to geopolitical developments, the upcoming IMF review mission, and corporate earnings announcements.
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