For investors in Pakistan’s Shariah-compliant equity space, Monday was a reminder of the inherent volatility of the local bourse. The KMI-30 Index closed at 212,754.03, down by a staggering 3.35%. For those tracking the calendar year performance, the -14.40% CYTD figure is a sobering statistic that suggests the market is currently in a bearish grip.

The technicals of the day tell a story of total bear dominance. The fact that the “High” of the day (219,857.04) was the same as the “Open” indicates that there was virtually no upward momentum from the start. Once the psychological support levels were breached, the index plummeted over 11,000 points from its opening high to its intraday low of 207,954.72, before a late-session hunt for value helped recover about 5,000 of those lost points.

Sector-wise, the pain was concentrated in fertilizers, banking, and energy. FFC and ENGROH—usually considered safe havens for dividend seekers—found themselves at the bottom of the pile. This suggests a shift in institutional sentiment, possibly driven by upcoming policy shifts or a rebalancing of portfolios.

Interestingly, Millat Tractors (MTL) was the only notable performer in the green, contributing 28.33 points. However, in a market where the top five “draggers” collectively removed over 3,700 points, MTL’s performance was a mere drop in the bucket. Investors are now looking toward the next support level near the 205,000 mark. If the index fails to hold that line, the CYTD losses could deepen into the 20% range, making the 15.07% FYTD growth a distant memory.