Selling returns to bourse, KSE-100 down 1,700 points

Selling pressure was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index shedding over 1,700 points during the opening minutes of trading on Tuesday. At 9:40am, the benchmark index was hovering at 149,481.28, down by 1,726.53 points or 1.14%. Selling was observed in key sectors, including automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks, including ARL, HUBCO, MARI, OGDC, POL, PPL, PSO, FFC, HBL, MCB, NBP and UBL, traded in the red. “The psychological barrier of 150k has been shattered as a ‘perfect storm’ of geopolitical ultimatums and domestic fiscal pressures triggers a massive sell-off,” said Behtari Capital. “With the Trump-Iran deadline hours away and a massive $3.5 billion FX drain looming, the market is in wait-and-see mode. Focus on high-yield, export-oriented IT stocks that are benefiting from SBP’s recent easing,” it added.