PSX plunges 2,288 points amid political tensions

According to The Express Tribune, investors on the Pakistan Stock Exchange faced steep losses on Monday, with the KSE-100 finishing at 165,867.32 after a drop of 2,288.17 points, or 1.36%. The benchmark had ended the prior session at 168,155.49, and its intraday range stretched from a peak of 167,918.37 down to a trough of 165,764.21.

Political developments drove the sell-off, after talks between the government and Pakistan Tehreek-e-Insaf (PTI) broke down without agreement while the party pushed on with a march towards Islamabad. Sticking points included counterterrorism policy and access to imprisoned former premier Imran Khan, which the publisher said deepened fears of a renewed confrontation. Lower crude prices, driven by higher Middle East exports and a planned G7 release of oil stocks, did little to cushion the market.

Breadth was weak, with 8 shares rising and 91 falling according to Arif Habib Limited, while UBL, Engro Holdings and HBL were the biggest drags on the index. Volume dropped to 441.8 million shares against 493.9 million the day before. First National Equities led by volume at 50.3 million shares, and its stock slipped Rs0.05 to Rs1.17.