PSX: Selling at bourse, KSE-100 sheds over 300 points

Selling pressure dominated the Pakistan Stock Exchange on Monday, and according to Business Recorder the benchmark KSE-100 finished more than 300 points lower. The index opened weak, sliding from around 171,100 to an early low of 170,120.49 before stabilising near 170,200 to 170,400 through late morning. Buyers pushed it back above 170,400 in the afternoon, yet fresh offloading in the closing hours erased much of that recovery. The index finally settled at 170,425.62, down 339.60 points or 0.20 per cent.

Separately, Khurram Schehzad, who advises the Finance Minister, said on Sunday that Pakistan had explored possible US Export-Import Bank funding for Boeing jets meant for the privatised PIA. He added that no state loan or sovereign guarantee has been announced for the carrier. Last week the index slipped 119.37 points, or 0.1 per cent, to 170,765.22 as geopolitical tensions and domestic political developments kept investors cautious.

Abroad, global equities mostly declined on Monday as oil rose again on doubts that Washington and Tehran would soon agree a truce, while bond prices also came under strain. US President Donald Trump turned down an Iranian offer for reopening the Strait of Hormuz, though he indicated that negotiations would carry on this week. Diesel prices have reached record levels because refining capacity is scarce, adding to inflation concerns, and several central banks have raised rates.