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PSX plummets by 6,000 points on Middle East tensions
['Our Correspondent']
The Express Tribune
KSE-100 closes at 182,338 after institutional sell-off; support breachedShares of 345 companies were traded.
PHOTO: FILEThe Pakistan Stock Exchange (PSX) endured one of its darkest sessions in recent history on Thursday as the benchmark KSE-100 Index plummeted over 6,000 points, closing at over 182,300 due to tensions in the Middle East.
This led to panic selling, with FFC hitting its lower circuit (-10%) and closing the day at the 596.62 level (-Rs.
Moreover, blue-chip stocks, namely UBL, ENGROH, OGDC, HUBC, PPL, LUCK, SYS, HBL, and MARI, also came under heavy selling pressure, collectively dragging the index down by 2,116 points.
Due to heavy selling pressure, the 185k (first support) was breached, with the KSE-100 Index touching an intra-day low of 181,961.