Bloodbath at PSX as KSE-100 slides over 11,000 points
Pakistan’s benchmark KSE-100 index plummeted 11,015.96 points on Monday, closing deep in the red.
The decline of 6.99 per cent from the previous close of 157,496.10 points dragged the index down to 146,480.14 points by the closing bell.
At close, trading volume stood at 378,012,095 shares, with a total value of Rs33,004,278,586.
The market’s heaviest movers were led by K-Electric Limited, which tumbled 7.81pc to Rs7.20 on 127,469,387 shares. First National Equities Limited saw a sharper drop, plunging 12.21pc to Rs1.15 on 33,608,420 shares, while The Bank of Punjab slumped 10.01pc to Rs25.45 on 33,386,862 shares.
Trading was temporarily halted around 9:20am after the index dropped 9,780.15 points, prompting a market suspension.
A notice from the Pakistan Stock Exchange said the halt was triggered when the KSE-30 index fell 5pc from the previous day’s close. In accordance with PSX regulations, all equity-based markets were suspended.
When trading resumed, the index fell further, recording a decline of 13,157.62 points before making a brief recovery ahead of the close.
The sell-off seen on Monday comes amid escalating geopolitical tensions and a surge in global oil prices, which have weighed heavily on investor sentiment.
The latest slide follows a particularly turbulent week for the market, with heightened volatility reflecting investor concerns over external risks and macroeconomic uncertainty.
According to Reuters, oil prices surged around 25pc on Monday to their highest since mid-2022.
Brent is on track for a record one-day gain, while gold fell 2pc as escalating geopolitical tensions are putting particular pressure on world 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 increased the prices of petrol and high-speed diesel by Rs55 per litre, the highest-ever such hike, as the country felt the first direct economic impacts of the ongoing regional conflict.