The Pakistan Stock Exchange (PSX) experienced a bearish sentiment on Monday as investors reduced their positions due to fears of escalating conflict in the Middle East. The benchmark KSE-100 Index saw a significant drop, losing over 500 points during intra-day trading.
At 12:10pm, the index was hovering at 80,720.36 points, marking a decrease of 571.77 points or 0.7%. Key sectors such as automobile assemblers, cement, chemical, commercial banks, oil and gas exploration companies, and oil marketing companies (OMCs) witnessed considerable selling pressure.
Index-heavy stocks like MARI, ODGC, PPL, HBL, MCB, and MEBL all traded in the red. Experts cited rising geopolitical tensions as a major factor influencing investor sentiment, contributing to the selloff.
Last week, the PSX remained under pressure, with the KSE-100 index dropping 782.32 points on a week-on-week basis, closing at 81,292.13 points. Foreign investors offloaded $12.443 million from the local equity market, further adding to the downward momentum.
In contrast, on the international front, Asia’s share markets showed hesitation, with concerns about the Middle East offsetting China’s stimulus measures. The Nikkei dipped amid worries that Japan’s new prime minister would normalize interest rates. However, the Chinese market saw positive growth, with the CSI300 gaining 3.0% and the Shanghai Composite climbing 4.4%.
For more updates, stay tuned as global economic developments, including major US economic data, may impact market dynamics throughout the week.
