‘Dump and run’ at PSX as KSE-100 nosedives over 2,500 points

KARACHI: Investors adopted a dump-and-run approach as the benchmark KSE-100 Index plunged over 2,500 points or 3.8% in intraday trading, falling below the record-breaking 65,000 level with a lack of positive triggers doing enough to push stocks deep in the red ahead of the closing of calendar year 2023.

Pakistan Stock Exchange’s benchmark KSE-100 index underwent selling pressure from the word go, dipping to a low of 62,674.12 points at the time of filing this report with volumes remaining on the lower side.

Market talk suggested year-end profit-taking and lack of positive positive macros were the major reasons behind investors’ dump-and-run approach at the bourse.

Pakistan-Kuwait Head of Research, Samiullah Tariq, said that the bears dominated trading at the bourse as the market undergoes year-end correction.

Meanwhile, the Head of Equities at Intermarket Securities Raza Jafri, told that the KSE-100 has shed 5% this week so far.

“The market had demonstrated a pre-election rally in the last few months but is now exhibiting nervousness as elections approach,” said Jafri, adding that the leveraged positions may also be coming in for margin calls.