PSX: KSE-100 falls over 350 points in early trade
Selling sentiment was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index shedding over 350 points during the opening minutes of trading on Monday. At 9:45am, the benchmark index was hovering at 166,059.72, down 359.99 points or 0.22%. Selling was observed in key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies and…
The Pakistan Stock Exchange (PSX) KSE-100 Index experienced a significant decline of over 350 points during the early hours of trading on Monday. By 9:45am, the index was at 166,059.72, down 359.99 points or 0.22%. Selling was prominent in key sectors such as automobile assemblers, cement, commercial banks, oil and gas exploration companies, and OMCs.
Index-linked stocks like HUBCO, MARI, PPL, PSO, SSGC, SNGPL, HBL, NBP, and UBL were all trading in the red. On Friday, the PSX had closed marginally higher, but global crude oil prices and a lack of fresh market triggers had left investors cautious, resulting in a range-bound trading session. The KSE-100 Index had gained 233.55 points, or 0.14%, to close at 166,419.72 points on Friday.
On a global scale, Asian share markets faced a setback on Monday due to apprehensions over AI's high funding requirements, which dampened confidence before a week filled with earnings reports. Meanwhile, Chinese economic data exceeded expectations, positively impacting world growth prospects. A decrease in oil prices provided some relief to bonds and Wall Street stock futures, mitigating Asia's losses.
Despite the oil price drop resulting from US President Donald Trump's decision to waive some sanctions on Russia, subsequently stating a final decision had not been made, US Secretary of State Marco Rubio indicated the president would take up to 60 days to evaluate the economic ramifications. Additionally, Iran announced that another tanker had collided with a mine in the Strait of Hormuz.
Geopolitical tensions and safe-haven flows from equities fueled a rally in sovereign bonds, with 10-year Treasury yields decreasing by 4 basis points to 5.0525%. The S&P 500 futures rose by 0.7%, while Nasdaq futures increased by 1.0%. However, Asian markets faced challenges due to concerns over the technology sector and Japan's Nikkei, which fell 1.2% following a 5.4% decline the previous week.
South Korea experienced a 0.4% drop, having shed over 14% last week, while Taiwan saw a 1.4% decrease. The MSCI's comprehensive index of Asia-Pacific shares outside Japan declined by 0.6%.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
