The selling trend tightened its grip on the Pakistan Stock Exchange (PSX) on Monday, pushing the benchmark KSE-100 Index down by more than 2,541 points as investors remained cautious amid fresh Middle East attacks, continued energy supply disruptions, and rising international oil prices, reported 24NewsHD TV channel.
According to the PSX website, the market opened on a sluggish note, with the KSE-100 shedding more than 1,700 points in the early minutes of trading.
Selling intensified as the session progressed, dragging the index to an intraday low of 167,441.63, down more than 3,100 points.
Pressure was broad-based, with selling observed in automobile assemblers, automobile parts and accessories, cables and electrical goods, cement, commercial banks, engineering, fertiliser, insurance, pharmaceuticals, oil and gas exploration, oil marketing companies and power generation.
At the end of business, KSE-100 Index was closed at 167,970.65, down by 2,541.20 points or 1.51%.
Investor sentiment had already remained under pressure during the previous week amid renewed tensions between Iran and the United States and an intensifying conflict in the Middle East.
Concerns over disruptions to global trade and a fresh surge in international oil prices pushed the KSE-100 down 4,816.95 points, or 2.7%, week-on-week to close at 170,511.86 points.
The market is expected to remain sensitive to geopolitical and domestic policy developments in the near term, with three brokerages identifying the US-Iran conflict, the upcoming IMF review, and the monetary policy decision as key drivers of sentiment.
Strengthening economic indicators and progress on domestic reforms could provide support to equities, while any de-escalation in the Middle East, particularly a potential US-Iran deal, could ease pressure from elevated international oil prices and improve market sentiment.
Reporter Basim Iftikhar