PSX: KSE-100 down over 1,400 points amid political noise

Share prices on the Pakistan Stock Exchange came under pressure on Monday, with the KSE-100 index slipping by more than 1,400 points during the session, according to Business Recorder. At 2:10pm the benchmark stood at 165,644.15, after a drop of 1,445.12 points, or 0.86 per cent. Analysts tied the fall to rising domestic political uncertainty, which followed the federal government's move to place Khyber Pakhtunkhwa under emergency rule.

Saad Hanif, head of research at Ismail Iqbal Securities, said high global oil prices and geopolitical uncertainty are dragging on sentiment. He added that buyers are holding back, so participation stays subdued and pressure on the index persists. Selling was broad, with index heavyweights HUBCO, MARI, OGDC, POL, PSO, MCB, MEBL, NBP and UBL all trading in negative territory.

The decline came after the index had lost 1,066.20 points, or 0.6 per cent, over the prior week, closing at 167,089.28. Globally, Asian equities opened guardedly before earnings reports, while crude prices were erratic after hits on Gulf shipping and airport facilities. South Korean shares dropped 1.1 per cent.