PSX: KSE-100 sheds nearly 800 points in early trade
Selling pressure was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index shedding nearly 800 points during the opening minutes of trading on Monday. At 10:15am, the benchmark index was hovering at 174,556.32, a decrease of 772.50 or 0.44%. Selling was observed in key sectors, including automobile assemblers, cement, commercial banks, OMCs and refineries. Index-heavy…
The Pakistan Stock Exchange (PSX) experienced a sharp decline in its benchmark KSE-100 Index during the early trading hours on Monday, with the index losing nearly 800 points. At 10:15am, the index stood at 174,556.32, marking a drop of 772.50 points or 0.44%. The decline was observed in several key sectors such as automobile assemblers, cement, commercial banks, OMCs, and refineries.
Major index-heavy stocks like ARL, HUBCO, PSO, FFC, MEBL, NBP, and UBL also traded in the red. In the preceding week, the PSX had faced similar pressure, with the KSE-100 Index falling 1.3% to settle at 175,328.81 points due to heightened geopolitical uncertainty caused by renewed US-Iran military skirmishes and a surge in international oil prices.
Internationally, Asian shares saw a rally on Monday, benefited from a strong US jobs report, while oil prices edged higher after the US and Iran targeted ships in the Gulf. The situation is adding to concerns over inflation and external account.
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