PSX opens bearish amid US AI stock meltdown

KARACHI (Staff Report): Pakistan Stock Exchange (PSX) opened sharply lower on Friday as renewed concerns over the global technology sector, following a massive sell-off in US artificial intelligence and technology stocks, weighed on investor sentiment.

The benchmark KSE-100 Index began trading with a decline of 1,050 points, opening at 174,330 points. Selling pressure intensified during the session, pushing the index down to an intraday low of 172,810 points, reflecting growing caution among investors.

The bearish opening came amid a major correction in US technology stocks following the November 5 market rout, as unexpected Democratic gains in the US midterm elections raised concerns about tighter regulatory oversight of the artificial intelligence industry.