PSX: KSE-100 down nearly 400 points amid political noise

Business Recorder reported that the benchmark KSE-100 index slid nearly 400 points on the Pakistan Stock Exchange on Monday, as political volatility unsettled traders. The index stood at 166,689.53 at 9:35am, a fall of 399.74 points or 0.24%.

Selling was broad, hitting automobile assemblers, cement makers, commercial banks, oil and gas exploration firms, oil marketing companies and power generators. Heavyweights HUBCO, MARI, OGDC, POL, PSO, MCB, MEBL, NBP and UBL were all trading in negative territory.

Over the previous week, the KSE-100 shed 1,066.20 points, or 0.6% week-on-week, to close at 167,089.28. Persistent US-Iran tensions, military confrontations involving Saudi Arabia and Houthi forces in Yemen, and wider regional security worries weighed on investor sentiment. Overseas, Asian equities opened cautiously on Monday, South Korean stocks fell 1.1%, and oil swung erratically following attacks on shipping and airports across the Gulf region.