PSX falls over 1,100 points as selling pressure persists

The Pakistan Stock Exchange (PSX) faced another negative session on Monday, as heavy selling pressure pulled the market down.

The benchmark KSE-100 Index dropped by 1,174.69 points, or 0.69%, and closed at 169,497.35 points.

Investors sold shares across several major sectors, including automobile companies, cement, banks, fertilizer, oil and gas exploration firms, and oil marketing companies.

During the past week, the market was already under pressure. Weak investor confidence was driven by global and local factors, including uncertainty over US-Iran ceasefire talks, high international oil prices, concerns related to IMF policies, and energy shortages in the country.

Overall, the KSE-100 Index fell by 3,266.98 points, or 1.9% during the week, closing at 170,672.04 points.

Meanwhile, the State Bank of Pakistan Monetary Policy Committee is scheduled to meet to review the country’s economic situation and decide on the policy rate. In its last meeting, the bank kept the rate unchanged at 10.5%.

In global markets, oil prices also increased sharply. Brent crude rose by about 3% after peace talks between the US and Iran stalled, pushing supply concerns higher.