A volatile session was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index shedding nearly 250 points amid late session selling pressure on Monday.
The market opened on a positive note, as it climbed to an intra-day high of 163,602.15 by mid-day. However, the index gradually slipped through the afternoon, with selling pressure dragging the index lower to 161,481.68.
At close, the KSE-100 Index settled at 161,687.18, a decrease of 248.01 points or 0.15%.
“Market sentiment remained under pressure, with several heavyweight – LUCK, UBL, MARI, HUBC, and MLCF – acting as major drags on the index. Collectively, these stocks wiped out approximately 396 points from the benchmark [index],” brokerage house Topline Securities said in its post-market report.
The PSX ended the previous week with strong gains despite persistent geopolitical uncertainty, as the KSE-100 Index rose 2,342.29 points or 1.5% to close at 161,935.19.
The benchmark continued its upward trajectory due to robust performance in key sectors. The fertiliser sector in particular benefited from reports of the ECC approving a shift from costly RLNG to Mari gas—an adjustment expected to ease subsidy pressure and stabilise urea prices.
Internationally, Asia’s stock markets struck a cautious tone on Monday as traders looked ahead to a week of corporate earnings and catch-up US data, with the focus on the interest rate outlook and the fate of a frothy rally in artificial intelligence stocks.
Hesitant-sounding policymakers have driven market expectations for a US rate cut in December back from more than 60% a week ago to 40% on Monday and put pressure on stocks.
S&P 500 futures were 0.3% higher in early trade.
Japan’s Nikkei was flat, but tourism and some retail stocks fell heavily after China cautioned citizens against visiting Japan as a diplomatic dispute deepened.
Shares in department store operator Isetan Mitsukoshi and cosmetics-maker Shiseido notched drops of around 10%.
In Australia, a 0.7% drop for BHP after Britain’s high court found it liable for a dam collapse in Brazil weighed on the bourse, which hit a four-month low.
Wall Street indexes recovered from a steep selloff on Friday to notch a mixed close, with a small drop for the S&P 500 and modest gain for the Nasdaq.
Meanwhile, the Pakistani rupee recorded marginal improvement against the US dollar in the inter-bank market on Monday. At close, the currency settled at 280.71, a gain of Re0.01 against the greenback.
Volume on the all-share index increased to 1,214.42 million from 673.45 million recorded in the previous close. The value of shares rose to Rs41.38 billion from Rs34.65 billion in the previous session.
K-Electric Ltd was the volume leader with 296.27 million shares, followed by Beco Steel Ltd with 107.34 million shares, and TPL Properties with 73.35 million shares.
Shares of 481 companies were traded on Monday, of which 253 registered an increase, 192 recorded a fall, and 36 remained unchanged.
American Dollar Exchange Rate