Selling engulfs bourse, KSE-100 down 3,300 points in early trade

Rising geopolitical tensions took their toll on investor sentiments at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 shedding nearly 3,300 points during the opening minutes of trading on Monday. At 9:35am, the benchmark index was hovering at 170,646.01, down by 3,293.00 points or 1.89%. Selling pressure was observed in key sectors, including cement, commercial banks, fertiliser, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks, including HUBCO, MARI, OGDC, POL, PPL, PSO, SNGPL, MCB, MEBL and UBL, traded in the red. During the previous week, PSX maintained its bullish trajectory as improving geopolitical conditions and investor confidence fuelled broad-based buying. The benchmark KSE-100 Index surged by 4%, gaining 6,748 points to settle at 173,939 points. Internationally, oil prices jumped, the US dollar lifted from lows and stock markets wobbled on ​Monday as rising tension in the Middle East kept shipping in and out of the Gulf to a bare ‌minimum, though traders were holding out hope for a resolution.