KSE-100 Down by 278 Points in Closing
Despite a positive start, the Pakistan Stock Exchange's (PSX) main index, the KSE-100, closed 0.43% lower on Monday due to a selling spree in the second half of the session, erasing earlier gains.
The index initially climbed over 550 points but experienced profit-taking that led to a negative close at 64,237.03, down by 277.87 points. The selling trend was attributed to political noise related to upcoming elections, prompting investors to trim equity positions, especially in banking, E&P, tech, and OMC sectors.
The previous week saw a bullish trend, with the KSE-100 surging by 2,063.86 points on a week-on-week basis. Globally, Asian markets were cautious, and geopolitical tensions, along with U.S. and Chinese inflation data, influenced investor sentiment.
In the currency market, the Pakistani rupee appreciated against the US dollar for the fourth consecutive session, settling at 281.28 in the inter-bank market. The trading volume and the value of shares on the PSX declined, with K-Electric Ltd leading in volume.
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