Selling observed at PSX, KSE-100 sheds nearly 2,200 points

Selling pressure was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index shedding nearly 2,200 points during the opening minutes of trading on Thursday. At 9:50am, the benchmark index was hovering at 176,695.31, a decrease of 2,157.78 points or 1.21%. Selling was observed in key sectors, including cement, commercial banks, fertilizer, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks, including ARL, HUBCO, MARI, OGDC, PPL, POL, PSO, SNGPL, MCB, MEBL and NBP, traded in the red. The Privatisation Commission Board (PC Board) under the chairmanship of Muhammad Ali, Adviser to the Prime Minister on Privatisation and Chairman, Privatisation Commission, constituted a Negotiation Committee to engage with the Asian Development Bank (ADB) to negotiate the terms of a potential Financial Advisory Services Agreement (FASA) in connection with the proposed privatisation of Islamabad International Airport (IIA).