PSX Loses Over 700 Points to Close Below 78,000 After Nationwide Internet Outage

Bears wrecked the Pakistan Stock Exchange (PSX) on Wednesday with the benchmark KSE-100 index losing over 700 points in intraday trade after the internet outage in the final few hours of the session.

The benchmark KSE-100 index appeared bullish in the opening hours of trade today and gained over 500 points around 11 AM before entering the red zone around 1 PM when internet services started getting disrupted across the country.

At 12:45 PM, it clocked in at 78,680, up around 60 points.

At 2:45 PM, it was at 78,347, down 0.35 percent or 281 points. At 3:25 PM, it was down 818 points at 77,810.

It closed at 77,886, down 0.94 percent or 741 points.

Losses grew in the last two hours (peak hours) of trade due no internet services in different parts of the country.

The Pakistan Telecommunication Authority told ProPakistani that due to some fault in PTCL system, internet services in some parts of the country suffered up to some extent. Internet/broadband users experienced degraded services during peak hours.

Slow/degraded connectivity and other issues prevented investors from conducting trade at the main bourse which hurt trends. Meanwhile, some individuals opined that there was selling pressure in the afternoon which hurt sentiments and caused the market to fall.

Top Volumes

The highest participation was witnessed in Worldcall Telecom Limited (PSX: WTL) with over 81 million shares traded, followed by Kohinoor Spinning Mills Limited (PSX: KOSM) and TPL Properties Limited (PSX: TPLP). The scrips had 24.6 million shares and 19.6 million shares traded, respectively.