PSX: selling at bourse, KSE-100 down 500 points

Business Recorder reported that the KSE-100 was 502.01 points lower, a 0.30% decline, at 165,907.24 around 1:20pm on Monday. Selling extended across several parts of the market, including car makers, cement, banks, oil and gas producers, marketing companies and refineries. MARI, OGDC, PPL, PSO, SSGC, MCB, MEBL, NBP and UBL were among the index-heavy shares trading lower.

The retreat followed a recovery last week, when the benchmark advanced 4,034.37 points, or 2.5% week-on-week, ending at 166,409.25 and breaking a five-week run of losses. The report linked that earlier buying to improved confidence around regional peace discussions. In overseas trading on Monday, Asian shares were mixed: Japan’s Nikkei was down 0.1%, South Korea’s market gained 0.8%, and the Asia-Pacific index excluding Japan slipped 0.2%.