The Pakistan Stock Exchange (PSX) experienced a significant downturn Monday, with its benchmark KSE-100 index plummeting more than 5,400 points during intraday trading. The index closed at 167,691.08 points, a 3.16 percent decrease from the previous close of 173,169.71 points.
The decline followed a volatile trading session, with the index briefly reaching an intraday high of 174,336.85 points before falling to a low of 166,886.63 points. Trading volume was substantial, led by K-Electric Limited, which fell 4.61 percent to Rs7.66 with 36,062,769 shares traded. Worldcall Telecom Limited and Bank of Punjab as well saw significant declines, falling 4.35 percent to Rs1.32 and 8.63 percent to Rs30.19 respectively.
Despite the overall negative trend, some stocks saw gains. Itanz Technologies Limited rose 10.01 percent to Rs13.96, while Kohinoor Industries Limited and S.S. Oil Mills Limited both increased by 10 percent, closing at Rs50.60 and Rs563.62 respectively.
Monday’s sharp drop marks the third major sell-off at the PSX in the past two weeks. The KSE-100 lost 5,149.80 points on February 16, and experienced its steepest single-day decline in history on February 19, losing 6,683 points, according to reporting from multiple news outlets.
Last week’s market weakness was attributed to rising geopolitical tensions between the United States and Iran, as well as domestic political uncertainty. According to Geo News, these factors contributed to a significant sell-off, pushing the KSE-100 below the 174,000-point level.
Analysts at AKD Securities suggest that the market’s near-term direction will be heavily influenced by geopolitical developments and the upcoming review mission from the International Monetary Fund, scheduled to arrive next week. They also noted that the ongoing corporate results season could provide some positive momentum if earnings exceed expectations.
Trust Securities & Brokerage Limited (R) experienced the largest percentage decline among decliners, falling 17.31 percent to Rs0.43. First Capital Securities Corporation and LSE Capital Limited (Right) also saw substantial losses, dropping 15.74 percent to Rs4.39 and 14.91 percent to Rs0.97 respectively.
