PSX opens week with dropping over 1,500 points at midday

Middle East uncertainty, renewed oil-supply concerns weigh on investor sentiment

KARACHI:

Pakistan Stock Exchange (PSX) opened the week under heavy selling pressure on Monday, with the benchmark KSE-100 index plunging more than 1,500 points in early trading as investors dumped equities amid heightened risk aversion.

The selling pressure was also reinforced by renewed uncertainty in the Middle East, where diplomatic efforts appeared to lose momentum after a meeting between Iran and other Gulf powers was postponed. At the same time, attacks around the region’s two key oil transit routes heightened concerns over global energy supplies, adding to investor caution and weighing on risk sentiment.

The index fell to 169,112.37 at 1:39pm, down 1,399.48 points, or 0.82% after touching an intraday low of 168,691.34. The benchmark had closed at 170,511.85 in the previous session.

Read: Oil prices up over 3% following new strikes on Saudi, Strait of Hormuz

The index initially dropped 1,491 points or 0.87% to 169,020.85 within the opening minutes before selling pressure intensified, pushing it below the 169,000 level.

The market also recorded an intraday high of 170,437.72, reflecting a volatile session as investors remained cautious and continued to reassess risk exposure.

Trading activity remained active, with around 141.57 million shares changing hands while the traded value stood at Rs9.17 billion.

The sharp decline came as the market entered the new week on a weak footing, with selling pressure weighing on the benchmark after its previous close. The KSE-100's fall below the 169,000 level underscored the fragile investor sentiment at the start of the week.