PSX: KSE-100 down nearly 1,000 points amid political noise

Business Recorder reported selling pressure at the Pakistan Stock Exchange, where the KSE-100 slid to 166,116.09 by 11:50am on Monday. The index was 973.18 points, or 0.58%, lower at that stage, with political developments adding to market volatility.

Key sectors that saw selling included automobile assemblers, cement makers, commercial banks, oil and gas exploration firms, oil marketing companies and power generators. Index-heavy stocks HUBCO, MARI, OGDC, POL, PSO, MCB, MEBL, NBP and UBL all traded lower.

The report noted that the index had shed 1,066.20 points, or 0.6%, in the previous week to close at 167,089.28. That weakness was tied to persistent US-Iran tensions, clashes involving Saudi Arabia and Yemen's Houthi forces, and heightened regional security concerns that weighed on investor sentiment. Abroad, Asian shares started Monday cautiously as earnings season loomed, while oil swung after strikes on Gulf shipping and airports.