KSE-100 sheds nearly 900 points in early trade

Selling pressure was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index shedding nearly 900 points during the opening minutes of trading on Monday. At 10am, the benchmark index was hovering at 170,249.17, down by 866.65 points or 0.51%. Selling was observed in key sectors, including cement, commercial banks, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks, including HUBCO, MARI, OGDC, PPL, PSO, SSGC, SNGPL, HBL, MCB, MEBL and UBL, traded in the red. During the previous week, Pakistan’s stock market staged a strong recovery, with the benchmark KSE-100 Index gaining 5%, or 8,121.64 points, as improving diplomatic sentiment surrounding a possible peace memorandum between the United States and Iran lifted investor confidence after weeks of geopolitical uncertainty.