PSX Closing Bell: Down We Go

The KSE-100 closed at 167,970.65 on Monday, down 2,541.20 points or 1.49 per cent, according to Mettis Global. The fall followed a sharp rise in crude oil prices after Saudi Arabia halted its East-West crude pipeline in the wake of a drone strike, which raised worries about global oil supply as tensions around the Strait of Hormuz intensified. Those supply concerns weighed on sentiment and pushed investors towards caution across the local equity market.

The index swung widely during the session, spanning 2,996.09 points between an intraday peak of 170,437.72 and a low of 167,441.63. Only 11 of the 100 index companies closed higher, while 88 ended lower and one was unchanged. Among the stocks, IBFL, AICL and ISL led the losers, while PSEL, ATRL and NESTLE were among the gainers.

Commercial Banks was the heaviest sector drag at 862.76 points, ahead of Cement and Fertilizer. Across the wider market, the All-Share Index ended at 101,619.88, a fall of 1,583.91 points or 1.53 per cent. Volume eased to 570.47 million shares from 687.47 million in the prior session, while traded value dropped by Rs9.03 billion to Rs24.67 billion.