KSE-100 Drops Over 3,700 Points

The Pakistan Stock Exchange remained under pressure as the KSE-100 index recorded a major decline. Heavy losses in oil, gas and banking stocks contributed to the bearish trend in the market.

A bearish trend prevailed at the Pakistan Stock Exchange on Monday, where the KSE-100 index recorded a major decline of over 3,700 points. Selling pressure on major shares of the oil, gas and banking sectors in the market kept investors cautious.

According to market data released by PSX, the KSE-100 index opened at 164,799.35 points and reached a high of 164,939.09 points in early trade. However, due to heavy selling during business activities, the index fell to a low of 161,613.51 points. The market closed at 161,805.02 points, down 3,791.05 points.

According to experts, the major reasons for the recent downturn in the market include economic uncertainty, cautious investor sentiment and profit-taking. They said that weakness in large shares of energy and financial sectors affected the overall market.

OGDC had the most negative impact on the market and pushed the index down by 256.64 points. Engro Holdings and Meezan Bank also contributed negatively by 241.47 and 232.26 points, respectively.

Pakistan Petroleum Limited and United Bank Limited were also among the prominent companies that pushed the market down. On the other hand, MCB Bank, Sui Northern Gas Pipelines, Colgate-Palmolive and a few other companies played a limited positive role.

Market analysts say that investors are currently keeping a close eye on the country’s economic policies, inflation trends, foreign exchange reserves and the global financial situation. According to them, if the government takes effective steps for investor-friendly policies and economic stability, the market can improve.

The volume of index shares in PSX was 195.97 million shares, which shows active business activities. Experts say that the market volatility may continue for the next few days, but long-term investors are still looking for opportunities in the market.

The Pakistan Stock Exchange is considered an important indicator of the country’s economy and economic stability, and a clear fiscal policy is considered essential to restore investor confidence.