KARACHI: The KSE-100 index tumbled 3,791.05 points, or 2.29 per cent, on Monday to close at 161,805.02 against the previous session’s close of 165,596.07, as selling pressure swept across the board amid cautious sentiment.
Investors remained concerned over the lack of meaningful progress on US-Iran negotiations and rising international oil prices.
The index swung between an intraday high of 164,939.09 and a low of 161,613.51. The KSE-30 index shed 1,124.26 points, or 2.27 per cent, to finish at 48,340.67.
Muhammad Hasan Ather, an analyst at JS Global, said the KSE-100 plunged as the global oil crisis deepened. The selloff was triggered by stalled US-Iran talks, keeping the Strait of Hormuz closed and crude above $105/bbl, after a drone strike at the UAE’s Barakah nuclear facility.
E&Ps, OMCs, banks, cement and fertilisers bore the brunt of broad-based selling, he said.
Sentiment stays bearish until geopolitical resolution emerges. “A Hormuz reopening could spark a sharp recovery, but until then, volatility rules,” Ather said. “Selective accumulation in quality names on dips remains the preferred strategy.”
Volumes in the ready market contracted sharply, with 499.8 million shares changing hands against 625.45 million in the prior session, a decline of 20.09 per cent. Traded value fell 12.86 per cent to Rs19.44 billion from Rs22.31 billion, while market capitalisation eased 2.17 per cent to Rs17.99 trillion from Rs18.39 trillion.
Market breadth was overwhelmingly negative, with 383 companies declining against 66 advancing and 38 remaining unchanged out of 487 traded.
Among the session’s top gainers, PIA Holding Company Limited rose Rs353 to close at Rs18,559, while Khairpur Sugar Mills Limited added Rs144.04 to end at Rs1,584.46. On the losing side, Unilever Pakistan Foods Limited retreated Rs151.74 to Rs25,888.01, and The Thal Industries Corporation Limited fell Rs78.04 to Rs776.81.
Naveed Nadeem, a senior equity trader at Topline Securities Limited, said the benchmark index traded under sustained pressure throughout a highly volatile session, as investor sentiment remained cautious amid the lack of meaningful progress in ongoing negotiations and continued uncertainty surrounding developments between the United States and Iran.
Elevated crude oil prices further weighed on market confidence. During the session, the index experienced pronounced intraday volatility.
Heavyweight stocks, including OGDC, MEBL, UBL, PPL and ENGROH, stayed under selling pressure, collectively contributing 1,159 points to the index’s decline.
Dost Steels Ltd led the ready market in turnover with 40.06 million shares, declining 67 paisas to Rs5.12, while K-Electric Ltd followed with 32.51 million shares, slipping 31 paisas to Rs8.15. Other most-traded companies were Cres Star Insurance, Cnergyico PK, Hascol Petroleum, Bank of Punjab, WorldCall Telecom, F Nat Equities, Kohinoor Spinning and PIA Holding Company.
In the futures market, 318 companies were traded, of which 13 recorded gains and 305 posted losses.
