Broad-based selling in banking, energy and industrial stocks pushes the KSE-100 index lower amid global market uncertainty.
Image: Reuters
KARACHI: The Pakistan Stock Exchange witnessed heavy selling on Monday as rising geopolitical tensions weakened investor confidence and triggered widespread profit-taking.
The benchmark KSE-100 Index fell by 1,525.24 points, or 0.89%, closing at 168,953.71 after a volatile trading session.
The index touched an intra-day low of 168,432.46 before recovering briefly to 169,360.55. However, renewed selling pressure erased gains and pushed the market back into negative territory by the close.
Major sectors remained under pressure, including commercial banks, oil and gas exploration companies, oil marketing firms, cement manufacturers, automobile assemblers, power producers and refineries.
According to market analysts, concerns over escalating tensions in the Middle East and renewed security uncertainties dampened risk appetite across global financial markets, influencing investor behavior at the PSX.
Brokerage firms noted that heavyweight stocks led the decline, with significant losses recorded in United Bank Limited, Engro Holdings, Fauji Fertilizer Company, Habib Bank Limited, Hub Power Company and Pakistan Petroleum Limited.
Additional pressure came from stocks such as Lucky Cement and Meezan Bank, which also closed lower.
Trading activity remained subdued, with total volume falling to 658 million shares as investors adopted a cautious approach amid continued global uncertainty.
Market experts believe future direction will largely depend on geopolitical developments and their impact on international investor sentiment.
