The Pakistan Stock Exchange’s (PSX) benchmark index KSE-100 began another week on a low note, crashing more than 5,400 points during intraday trade on Monday.
The development led to the market being suspended as per the protocol.
The KSE-100 index declined 5,478.63 points, or 3.16 per cent, to stand at 167,691.08 points from the previous close of 173,169.71 points at 1:50pm.
The index reached an intraday high of 174,336.85 points at 9:38am — higher than the previous close — then dropped to an intraday low of 166,886.63 points at around 1:24pm, before finally being suspended at 173,169.71 points.
Monday’s bloodbath marks at least the third major meltdown at the PSX in the past two weeks, with KSE-100 losing 5,149.80 points on February 16 and 6,683 points — the steepest single-day decline in history — on February 19.
Last week, the PSX endured a difficult week as geopolitical strains between the United States and Iran, compounded by domestic political noise, triggered a significant sell-off, pushing the KSE-100 index below the 174,000-point level.
Analysts have been cautious but hopeful about the market’s near-term direction.
AKD Securities believed that geopolitical developments and the outcome of the upcoming IMF review mission, due to arrive next week, will be crucial in determining investor sentiment.
Additionally, the corporate results season may offer some upside, especially if earnings surpass expectations.
More to follow
