PSX sinks over 1,150 points as early rally fizzles

Fragile US-Iran ceasefire, higher crude prices dampen investor sentiment

KARACHI:

The environment at the Pakistan Stock Exchange (PSX) remained subdued on Monday as investors remained cautious amid persistent geopolitical uncertainty and mixed global market cues, with the benchmark KSE-100 Index losing more than 1,156.47 points, or 0.64%, to settle at 178,414.80 compared to the previous close of 179,571.26.

Taking cues from choppy Asian markets, where investors balanced optimism over artificial intelligence-driven growth against mounting cost pressures, the local bourse remained volatile throughout the session. Sentiment was also shaped by the fragile US-Iran ceasefire and concerns over rising oil prices that kept investors on edge.

Read: PSX climbs 0.36% amid easing oil prices

The market opened on a positive note, with the index climbing above the 180,000-point mark and touching an intraday high of 180,272.02. However, selling pressure intensified during the latter half of the session, dragging the benchmark to an intraday low of 178,331.00 before it recovered slightly at the close.

Buying interest was initially seen in cement, commercial banks, oil and gas exploration companies, oil marketing companies (OMCs), power generation and refinery stocks. However, broad-based profit-taking and cautious investor positioning outweighed early gains.

The prevailing trend suggests external developments will continue to shape trading activity.