The Pakistan Stock Exchange (PSX) came under heavy selling pressure on Thursday, with the benchmark KSE-100 Index shedding more than 4,800 points, or 2.9 per cent, during early trading hours.

According to the latest market highlights, the KSE-100 Index was trading at 161,011.70, down 4,812.17 points from the previous close of 165,823.87. The index witnessed an intraday high of 164,357.47 and a low of 160,391.18, reflecting significant volatility in the session.

Market analysts attributed the sharp decline to profit-taking by investors on concerns over macroeconomic indicators. Trading activity remained robust, with the total volume reaching 161.18 million shares, while the traded value stood at Rs12.02 billion.

The market opened in the red and remained under pressure throughout the morning session. A broad-based sell-off was observed across major sectors, dragging the benchmark index lower.

At the time of filing this report, the market was still open with the KSE-100 Index struggling to recover from the day’s losses.

Also Read: Bears tighten grip on PSX as early gains vanish

On Wednesday, selling pressure intensified at the PSX, wiping out early gains and pushing the market deep into the red, as investors remained wary of building fresh positions.

The benchmark KSE-100 index swung between the intra-day high of 169,686 and the low of 165,391, reflecting heightened volatility. Persistent stock selling dragged the index down by 2,588.35 points, or 1.54%, to 165,823.88 at the end of trading.

The decline was broad-based, with all major sectors contributing to the downturn. Heavyweight commercial banks led the losses while oil and gas exploration firms, oil marketing companies, power producers and refineries also remained under pressure.

Arif Habib Limited (AHL) observed that a huge day of heavyweight earnings largely disappointed and saw the market under pressure, which shed 1.54%.

On the benchmark index, only 21 shares rose while 79 fell, with Millat Tractors (+4.08%), Cherat Cement (+2.69%), and DG Khan Cement (+1.63%) being the major positive contributors.

In contrast, UBL (-2.65%), NBP (-8.77%), and Oil & Gas Development Company (-3.11%) were the biggest index drags.