Another meltdown at PSX as KSE-100 loses over 5,400 points
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The Pakistan Stock Exchange’s (PSX) benchmark index KSE-100 began another week on a low note, losing more than 5,400 points during intraday trade on Monday.
The KSE-100 index declined 5,478.63 points, or 3.16 per cent, to stand at 167,691.08 points from the previous close of 173,169.71 points.
The index reached its intraday high of 174,336.85 points at 9:38am — higher than its previous close — but then plunged to an intraday low of 166,886.63 points at around 1:24pm, before regaining some ground to 167,691 points by market close.
The top active stocks were led by K-Electric Limited, falling 4.61pc to Rs7.66 with 36,062,769 shares traded; followed by Worldcall Telecom Limited, falling 4.35pc to Rs1.32 with a volume of 33,673,161; and Bank of Punjab, falling 8.63pc to Rs30.19 with a volume of 26,673,106.
The top advancing stocks were led by Itanz Technologies Limited, rising 10.01pc to Rs13.96, followed by Kohinoor Industries Limited, rising 10.00pc to Rs50.60, and S.S. Oil Mills Limited, rising 10.00pc to Rs563.62.
The top decliners were Trust Securities & Brokerage Limited (R), down 17.31pc to Rs0.43; First Capital Securities Corporation, down 15.74pc to Rs4.39, and LSE Capital Limited (Right), down 14.91pc to Rs0.97.
Monday’s bloodbath marks at least the third major meltdown at the PSX in the past two weeks, with KSE-100 previously losing 5,149.80 points on February 16 and 6,683 points — the steepest single-day decline in history — on February 19.
Last week, the PSX endured a difficult week as geopolitical strains between the United States and Iran, compounded by domestic political noise, triggered a significant sell-off, pushing the KSE-100 index below the 174,000-point level.
Analysts have been cautious but hopeful about the market’s near-term direction.
AKD Securities believed that geopolitical developments and the outcome of the upcoming IMF review mission, due to arrive next week, will be crucial in determining investor sentiment.
Additionally, the corporate results season may offer some upside, especially if earnings surpass expectations.
