Pakistan Stock Exchange witnessed a sharp downturn on Wednesday after the market erased strong early gains and slipped into negative territory during trading.
Gold Prices Rates Fall for Second Straight Day in Pakistan
The KSE-100 Index opened on a positive note and climbed by more than 600 points in early trading. The benchmark index reached 176,935 points, reflecting strong initial investor sentiment.
Market Reverses Course
However, the rally proved short-lived as selling pressure emerged across the market.
The KSE-100 Index later fell by more than 1,800 points, dropping to 175,631 points during the trading session.
The sharp decline reversed the market’s early gains and pushed the benchmark index firmly into negative territory.
Previous Session Ended Lower
Meanwhile, the market had already closed lower in the previous trading session.
On Tuesday, the KSE-100 Index lost 638 points to settle at 177,623 points, extending recent market volatility.
Rupee Gains Slightly
In the currency market, the Pakistani rupee recorded a marginal gain against the U.S. dollar.
The dollar traded at Rs277.84 in the interbank market, down by one paisa from the previous closing rate of Rs277.85.
