The regional tensions caused by the prevailing situation in Indian-occupied Kashmir also influenced the Pakistan Stock Exchange (PSX) on Monday, forcing the benchmark KSE-100 Index to shed 485 points.
The benchmark index commenced the week on a negative note, hitting the day’s low around the halfway mark of the trading session at 30,979 before closing at 31,181 points — down 1.5 per cent.
The commencement of the market at 31,666 points remained the day’s high.
In all, 52 million shares, worth Rs1.8 billion, changed hands during the session.
“Selling pressure continued at the local bourse in line with the regional markets, as geopolitical tensions between Pakistan and India aggravated on the Line of Control (LoC) after both countries beefed up their security following the decision to revoke Article 370 from Indian-occupied Kashmir,” said a JG Global Securities report.
Financials were the major laggards, with big banks including HBL (down 2.1pc), MCB (-2.7pc) and UBL (-5pc) closing in the negative trajectory, the report added.
“Energy stocks followed suit where PPL (-2.3pc), POL (-1.5pc) and OGDC (-1.1pc) closed in the negative zone as international oil price correction triggers shale meltdown.”
In the cements sector, according to the JS report, LUCK (-0.9pc), FCCL (-1.6pc), DGKC (-0.9pc) and MLCF (-1.1pc) were the major laggards.