PSX tanks by 1,900 points in intraday trade

Shares at the Pakistan Stock Exchange (PSX) fell by more than 1,900 points on Wednesday, shortly after a Supreme Court verdict conditionally suspended its own ruling on military trials of civilians pending final ruling.

According to the PSX website, at 2:33pm the KSE-100 index declined steeply by 1,987.08 points to reach 64,439.70 points — down 2.99pc from the previous close of 66,426.78 points.

Mohammed Sohail, chief executive of Topline Securities, attributed the downward trajectory to “highly leveraged position and some selling by local institutions.”

However, he added that this was a “much-needed correction” as the benchmark index had witnessed a non-stop rally in the past week.

Sana Tawfik, deputy head of research at Arif Habib Limited, noted profit-taking to be the major reason behind the index trading in the red.

She added, that the latest political development also played a part behind the spiral.