PSX Faces Significant Decline, KSE-100 Drops Over 1,200 Points Amid Sectoral Selling

KARACHI: The Pakistan Stock Exchange (PSX) witnessed considerable selling pressure on Monday, leading to a significant drop in the benchmark KSE-100 Index, which fell by more than 1,200 points during intraday trading. By 12:40 pm, the index was recorded at 117,368.16, reflecting a decrease of 1,074.01 points or 0.91%.

The decline was primarily driven by selling across major sectors, with oil and gas exploration companies, oil marketing companies, refineries, automobile assemblers, and fertilizer sectors taking the brunt of the selling. Key stocks such as EFERT, INDU, MARI, OGDC, PPL, and PSO traded in negative territory, contributing to the overall downtrend.

This drop comes after a week of strong gains, where the PSX reached an all-time high, fueled by optimism surrounding a potential $1 billion staff-level agreement for the release of the second Extended Fund Facility (EFF) tranche. Last week, the KSE-100 had gained 2,906 points, or 2.5%, closing at 118,442.18, compared to 115,536.17 points the previous week.

Read more: PSX surges over 850 points on positive developments

Meanwhile, global financial markets showed mixed signals as US stock futures rose, although the dollar showed volatility ahead of key economic data and potential tariff decisions from the US administration.