PSX Closing Bell: Bears Run Riot

Mettis Global reported that the benchmark KSE-100 Index dropped 2,288.18 points, or 1.36%, on Monday to finish at 165,867.31. Investors reduced exposure after political uncertainty at home and higher oil prices stirred fears about external pressures and company costs. Selling was widespread, with 91 index companies ending lower and only 8 closing higher.

The session swung across a 2,154.16 point band, peaking at 167,918.36 before sliding to an intraday low of 165,764.20. CPHL led the decliners with a 9.35% fall, while UBL alone removed 205.65 points from the index. Other heavy losers included PIBTL, NPL and KEL, while POL was the top gainer, rising 1.16%. Trading volume in the index reached 169.46m shares as market breadth turned sharply negative.

Broader trading mirrored the benchmark, with the All-Share Index finishing at 100,415.11 after a 1,406.14 point or 1.38% slide. Traded value dropped by Rs1.78 billion to Rs15.71 billion, and 55 stocks closed higher against 408 lower. Measured from the start of the fiscal year, the benchmark is down 14,434 points or 8.01%, while calendar-year losses stand at 8,187 points or 4.70%.