Selling continues unabated, KSE-100 down nearly 1,000 points in early trade

Selling continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index shedding nearly 1,000 points during the opening minutes of trading on Tuesday. At 9:34am, the benchmark index was hovering at 168,507.59, down by 989.76 points or 0.58%. Selling was observed in key sectors, including automobile assemblers, cement, fertiliser, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks, including HUBCO, MARI, OGDC, PPL, POL, LUCK and DGKC, traded in the red. The State Bank of Pakistan (SBP) increased its policy rate by 100 basis points to 11.50% after the monetary policy committee meeting on Monday. On Monday, PSX witnessed a volatile and bearish session on Monday as investor sentiment remained cautious ahead of the central bank’s monetary policy announcement. The benchmark KSE-100 Index settled at 169,497.36 points, losing 1,174.68 points or 0.69%.