PSX tumbles 509 points as selling pressure grips market

The KSE-100 index closed 508.69 points lower, or 0.29 per cent, at 176,466.99 on Tuesday, the first day of September, according to The Express Tribune. Early gains carried the index to 177,366.07 by 9:34am, but investors turned cautious and the rally quickly lost momentum. Sustained selling then pushed the benchmark lower for the remainder of the session.

Bank and cement counters took the heaviest losses, more than cancelling out advances in technology, fertiliser and some exploration names. KTrade Securities pointed to Meezan Bank, MCB Bank, Bank Al Falah and Lucky Cement as major drags, while Oil and Gas Development Company and other shares attracted selective buying. Crude prices climbed after fighting resumed between America and Iran, reviving worries about supply disruption from the Middle East.

Traded value came to Rs37.4 billion, while volume dropped to 784.4 million shares from Monday's 937.2 million. Across 498 companies traded on the ready market, advancers numbered 174, decliners 292 and unchanged stocks 32. Cnergyico led the volume chart with 191.8 million shares, though its price slipped Rs0.46 to Rs15.00.