Pakistan Stock Exchange plummets as KSE-100 loses over 2,000 points

The Pakistan Stock Exchange (PSX) witnessed a sharp decline on Monday, with the benchmark KSE-100 Index losing over 2,000 points by the closing bell.

The market opened with a dip of 635 points, bringing the KSE-100 Index to 117,806.25. However, selling pressure intensified, leading to a massive 2,002-point drop, closing the index at 116,439.

Selling pressure hits key sectors

The market downturn was driven by widespread selling pressure, impacting major sectors such as:

• Oil and gas exploration
• OMCs (Oil Marketing Companies)
• Refineries
• Automobile assemblers
• Fertilizer companies

Major stocks, including EFERT, INDU, MARI, OGDC, PPL, and PSO, traded in the red amid strong selling activity.

Recent market trends

Last week, the PSX remained bullish, reaching historic highs due to optimism over a possible staff-level agreement for the release of the $1 billion second tranche under the IMF’s Extended Fund Facility (EFF).

However, the index lost 327 points on Friday, closing at 118,442, signalling a shift in market sentiment before Monday’s major slump.