Middle East flare-up drags Pakistan Stock Exchange down

Pakistan Stock Exchange (PSX) witnessed a decline on the first trading day of the business week on Monday as selling pressure dominated the market amid rising tensions in the Middle East, reported 24NewsHD TV channel.

Following the end of business, the PSX’s benchmark KSE-100 Index plunged by 1,525.24 points or minus 0.90 percent, bringing it down to 168,953.70 points. The index also touched an intraday low of 168,432 points, while the day’s high stood at 169,254 points.

Selling pressure was observed in key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, power generation, and refinery. Index-heavy stocks, including ARL, HUBCO, MARI, OGDC, PPL, POL, PSO, MCB and MEBL, traded in the red.

Reporter: Basim Iftikhar