ISLAMABAD: The Pakistan Stock Exchange (PSX) observed massive selling pressure on Monday amid escalating tensions between the US and Iran, as the benchmark KSE-100 Index shed over 3,800 points.
The benchmark index was hovering at 116,113.50 level, a decrease of 3,909.73 points or 3.26% in the first session.
By the close of the trading, the KSE-100 Index settled at 116,167.47, marking a decline of 3,855.76 points or 3.21%.
The selling pressure was observed, especially in key sectors including automobile assemblers, oil and gas exploration companies, OMCs, power generation, and commercial banks. Index-heavy stocks, including OGDC, PPL, POL, HUBCO, and PSO, traded in the red.
“Stocks in Pakistan open with a fall of 1700 points or 1.4% amid ongoing Iran-related tension,” Mohammed Sohail, CEO of Topline Securities, said in a note.
On Monday, a total of 595,010,639 shares were traded at the Pakistan Stock Exchange as compared to 421,643,224 shares on the last working day, whereas the price of shares stood at PKR 23.488 billion against PKR 15.651 billion on the previous trading day.
As many as 468 companies transacted their shares in the stock market, 56 of them recorded gains, and 386 met losses, whereas the share price of 26 companies remained unchanged.
The three top trading companies were WorldCall Telecom with 53,303,035 shares at PKR 1.35 per share, followed by Sui South Gas with 35,996,379 shares at PKR 38.80 per share, and Pervez Ahmed Co. settled with 24,022,793 shares at PKR 2.72 per share.
Philip Morris (Pakistan) Limited witnessed a maximum increase of PKR 35.38 per share, closing at PKR 1,136.01, whereas Faisal Spinning Mills Limited was the runner-up with PKR 21.26 rise in its share price to close at PKR 335.17.
PIA Holding Company LimitedB witnessed a maximum decline of PKR 1,115.38 per share price, closing at PKR 10,038.45, whereas the runner-up Unilever Pakistan Foods Limited settled at PKR 22,900.00, showing a drop of PKR 245.72 in its per share price.
Over the past week, the Pakistan Stock Exchange (PSX) faced significant turbulence, driven by escalating geopolitical tensions in the Middle East, fluctuating global commodity prices, and mixed signals from domestic economic indicators.
Investor sentiment remained cautious, leading to a sharp pullback in the market. The benchmark KSE-100 Index closed the week at 120,023.23 points, marking a 1.7% decline from the previous week’s close of 122,143.57 points.
Internationally, shares slipped in Asia on Monday and oil prices briefly hit five-month highs as investors anxiously waited to see if Iran would retaliate against US attacks on its nuclear sites, with resulting risks to global activity and inflation.
Early moves were contained, with the dollar getting only a minor safe-haven bid and no sign of
