PSX sheds over 300 points in midday trade

The Pakistan Stock Exchange (PSX) traded in a volatile range on Monday, with the benchmark KSE-100 Index surrendering early gains as investor sentiment remained cautious amid uncertainty surrounding the fragile United States-Iran ceasefire and rising global oil prices. As of midday, the index stood at 179,257.01, down 314.25 points or 0.19%.

The market opened on a positive note, with the KSE-100 climbing more than 400 points during the opening minutes of trading. At 9:39am, the benchmark index was hovering at 179,641.68, up 70.42 points, or 0.04%. However, persistent fluctuations erased the gains, with the index trading at 179,238.91, down 332.35 points or 0.19%, by 12:44pm, reflecting mixed investor mood.

The market touched an intraday high of 180,272.01 and a low of 179,158.98, while traded volume reached 172.56 million shares with a turnover of Rs17.77 billion.

Read: PSX climbs 0.36% amid easing oil prices

Buying interest was observed in cement, commercial banks, oil and gas exploration companies, oil marketing companies (OMCs), power generation and refinery stocks, although selling pressure in selected heavyweights kept the benchmark in negative territory.

Further, market participants remained watchful of developments in the Middle East, as doubts over the durability of the US-Iran peace deal continued to cloud investor sentiment. Oil prices also edged higher following days of tit-for-tat strikes between the US and Iran, underscoring the fragility of the interim truce and disrupting energy shipments through the Strait of Hormuz.