PSX tumbles nearly 2,000 points amid political tensions
“The Pakistan Stock Exchange (PSX) came under heavy selling pressure on Monday, with the benchmark KSE-100 index plunging nearly 2,000 points by midday as renewed political tensions at home weighed on …”
The benchmark stood at 166,278.52 at 12:28pm, down 1,876.97 points, or 1.12%, from the previous close of 168,155.49. The index had earlier hit an intraday low of 166,167.79, losing 1,987.70 points, or 1.18%, while its high stood at 167,918.36.
The sell-off came amidheightened domestic political anxietyafter government-Pakistan Tehreek-e-Insaf (PTI) talks collapsed without a breakthrough, with the PTI pressing ahead with its march towards Islamabad. Differences over counterterrorism policy and access to jailed PTI founder Imran Khan remained among the key sticking points, deepening concerns over renewed political confrontation and possible disruption.
Read:Oil slips as Middle East crude exports rise, G7 to release stocks. Selling was evident from the opening bell, with the index shedding more than 1,600 points in the opening minutes. By 9:43am, it had fallen to 167,606.83, down 548.66 points, or 0.33%, before losses accelerated as trading progressed.
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The market remained volatile as investors weighed the domestic political standoff against developments in international oil markets. Crude prices fell on Monday as rising Middle East exports and the planned release of oil stocks by G7 nations boosted supply prospects, offsetting concerns over further damage to Gulf oil infrastructure as the US-Israeli war on Iran drags on.
The decline in oil prices, which could otherwise ease pressure on Pakistan’s external account and inflation outlook, failed to offset the immediate impact of heightened domestic uncertainty on risk appetite. Trading activity remained active, with 72.4 million shares changing hands and traded value reaching Rs4.55 billion by midday.
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