Bears Take Charge as PSX Plunges Over 2,000 Points
The Pakistan Stock Exchange (PSX) witnessed a massive decline on Monday as the benchmark KSE-100 index dropped by 2,002.55 points, closing at 116,439.62 points—a 1.69% decrease from the previous session’s 118,442.17 points.
Market Performance Overview
- Trading Volume: 166.6 million shares were exchanged, significantly lower than the 369.1 million shares traded in the last session.
- Market Value: The total share price turnover stood at Rs15.622 billion, compared to Rs23.273 billion in the previous session.
- Stock Activity: Out of 467 companies, 123 recorded gains, 266 sustained losses, and 78 remained unchanged.
- Intraday Movement: The index peaked at 118,797.70 points but dropped to a session low of 116,257.51 points.
Key Sectors & Stocks Affected
Major selling pressure was seen in oil & gas exploration companies, OMCs, refineries, automobile assemblers, and fertilizers. Some of the index-heavy stocks that closed in the red included EFERT, INDU, MARI, OGDC, PPL, and PSO.
What Triggered the Market Drop?
The sharp decline follows a week of record-breaking gains, during which the PSX had reached an all-time high, fueled by optimism over a potential $1 billion staff-level agreement for the Extended Fund Facility (EFF). However, profit-taking and uncertainty regarding the deal’s finalization appear to have led to Monday’s sell-off.
Investors are now keeping a close watch on macroeconomic developments and global market trends to gauge future market movements.
