PSX: KSE-100 sheds nearly 800 points in early trade

Business Recorder reported that selling pressure hit the Pakistan Stock Exchange on Monday, with the benchmark KSE-100 index losing ground in the opening minutes of trade. At 10:15am the index hovered at 174,556.32, a fall of 772.50 points or 0.44%. The report described the update as an intraday snapshot rather than a closing figure.

Selling was visible in refineries, oil marketing firms, banks, cement makers and auto assemblers. Several index heavyweights, including HUBCO, PSO, FFC, MEBL, NBP and UBL, were also trading lower. The session opened after a losing week for the benchmark.

During the previous week the KSE-100 slipped 1.3% to settle at 175,328.81 points. Renewed military skirmishes between the US and Iran raised geopolitical uncertainty, while a sharp rise in global oil prices added to worries about inflation and the external account.