KARACHI:

The Pakistan Stock Exchange (PSX) opened the week under pressure on Monday, with the benchmark KSE-100 index losing 569.66 points, or 0.32%, within minutes of trading to reach 177,126.84 by 9:34am. The index then recovered sharply from the early fall, but the rebound failed to hold as selling pressure returned later in the session.

By 1:34pm, the KSE-100 was trading at 177,504.81, down 191.69 points, or 0.11% from the previous close of 177,696.50.

The index moved between an intraday high of 178,138.68 and a low of 176,991.70, reflecting a trading range of more than 1,100 points.

Selling was observed in key sectors, including automobile assemblers, cement, commercial banks, oil marketing companies, oil and gas exploration companies and power generation.

Investor sentiment remained cautious amid escalating geopolitical tensions and rising international oil prices. Oil prices were trading nearly 2% higher on Monday after the US attacked an Iranian island in the Strait of Hormuz and Tehran retaliated, extending the conflict into its sixth month.

The escalation also weighed on Asian markets, with top regional equities declining during the session.

The choppy trading was accompanied by brisk activity, with 251.76 million shares traded by midday, while the total value of transactions reached Rs12.68 billion, indicating active participation despite the market’s uncertain direction.