Momentum fizzles at range-bound PSX

The Pakistan Stock Exchange (PSX) experienced choppy trading on Monday as the benchmark KSE-100 index struggled to protect early gains and ultimately closed slightly in the red. After a firm start, profit-taking pulled the market down and the index slipped to the intra-day low of 161,241 before midday. It then recouped losses, touching the intra-day high of 162,385 just before close. The KSE-100 fell again and ended the day with a thin loss of 119 points, or 0.07%, at 161,984. Market participants noted a lack of clear catalysts, with investors opting for caution ahead of macroeconomic updates. As a result, trading remained range bound. KTrade Securities mentioned in its report that PSX opened the rollover week with low volumes, range-bound trading and muted participation across the board. Selling pressure was largely driven by the oil & gas sector, where Mari Energies, OGDC, Pakistan Oilfields and Pakistan Petroleum weighed on the index.