The stock market came under pressure on Thursday as the benchmark index shed more than 500 points to close at 64,298.00 levels.

The KSE-100 index closed at 64,298 points, down 524.43 or 0.81 per cent, from the previous close of 64,822.43.

Major activity was witnessed in energy stocks such as the Oil and Gas Development Company, K-Electric Limited, Hascol Petroleum Limited and Pakistan Petroleum Limited.

Pakistan equities commenced the day on a positive note as the KSE 100 Index made an intraday high at 65,213 levels, gaining 391 points, Topline Securities said.

“However, uncertainty over circular debt reduction plan [due to multiple rumours by different sources claiming acceptance and rejection quoting Ministry of Finance] jiggled investors’ confidence on energy confidence on energy stocks. Resultantly a selling spree was witnessed in them, especially in OGDC and PPL,” it said.