Bloodbath at the PSX as KSE-100 slides over 11,000 points – Business

Pakistan’s benchmark KSE-100 index plunged 11,015.96 points on Monday, closing deep in the red.

The 6.99 percent drop from the previous close of 157,496.10 points dragged the index to 146,480.14 points as the closing bell rang.

At closing, the trading volume stood at 378,012,095 shares, with a total value of Rs 33,004,278,586.

The biggest market movers were led by K-Electric Limited, which fell 7.81 per cent to Rs 7.20 with 127,469,387 shares. First National Equities Limited saw a steeper decline, falling 12.21 percent to Rs 1.15 on 33,608,420 shares, while The Bank of Punjab fell 10.01 percent to Rs 25.45 on 33,386,862 shares.

Trading was temporarily halted around 9:20 am after the index fell 9,780.15 points, causing a market halt.

A notice from the Pakistan Stock Exchange said the suspension was triggered when the KSE-30 index fell 5 percent from the previous day’s close. In accordance with PSX regulations, all stock markets were suspended.

When trading resumed, the index fell further, recording a drop of 13,157.62 points before making a brief recovery before the close.

The sell-off seen on Monday comes amid rising geopolitical tensions and a rise in global oil prices, which have weighed heavily on investor sentiment.

The latest drop comes after a particularly turbulent week for the market, with increased volatility reflecting investor concerns about external risks and macroeconomic uncertainty.

According ReutersOil prices rose about 25 percent on Monday to their highest level since mid-2022.

Brent is on track for a record one-day gain, while gold fell 2% as rising geopolitical tensions are putting particular pressure on global energy supplies.

Prime Minister Shehbaz Sharif is expected to unveil an austerity plan on Monday in view of the global fuel crisis.

Last week, the government increase Petrol and high-speed diesel prices rose by Rs 55 per liter, the highest increase ever recorded, as the country felt the first direct economic impacts of the ongoing regional conflict.