Bearish run intensifies as PSX sheds around 2,000 points

The Pakistan Stock Exchange (PSX) experienced a sharp decline in intra-day trading today, with the KSE 100 Index dipping by 1.74% or 2,000 points.As of the latest update, the index is at 112,860.70, having dropped from its previous close of 114,860.68.The market showed considerable volatility, reaching a high of 116,236.70 before the downward movement took hold.Currently, the KSE 100 is facing a significant loss of 1,999.98 points with around 333.68 million shares traded so far.Investors are reportedly cautious amid economic uncertainties, contributing to the negative market sentiment.With the market still open, experts are closely monitoring the developments for any signs of a rebound or further decline.PSX turns bearish after Index briefly crosses 117k markEarlier on Tuesday, the PSX witnessed a bearish session, with the benchmark KSE-100 index experiencing significant swings, reaching the intra-day high of 869 points before plunging to the intra-day low of 2,480 points.By the close of trading, the index settled at 114,860.69, marking a decline of 1,308.72 points, or 1.13%.The downturn was attributed to a combination of factors including cautious expectations surrounding the State Bank of Pakistan’s (SBP) monetary policy easing amid multiple risks.Analysts noted that concerns over a shortfall in the government’s tax collection, weak global crude oil prices and unresolved issues pertaining to the IMF targets contributed to the bearish activity.Despite an initial rally following the SBP’s 200-basis-point (bps) rate cut, the market saw significant volatility, where profit-taking in the latter half exacerbated the decline.