KSE-100 index loses over 1600 points during intraday trade

After the KSE-100 index reached an all-time high of 118,735.09, the Pakistan Stock Exchange (PSX) lost the bullish momentum by losing over 1600 points in intraday trade on Monday. 

At the beginning of trading day, KSE-100 gained 1,148.11 and crossed the benchmark of 118,000.

The market had closed on Friday at 117,586.98 points.

However, by afternoon, the  bearish sentiment prevailed, leading to a loss of 1,645 points, with the index ending 0.85% lower.

Heavy losses were recorded in key sectors including commercial banks, oil and gas exploration, oil marketing companies (OMCs), and power generation. Notable decliners included HUBCO, PSO, SHELL, SSGC, MARI, OGDC, PPL, HBL, MCB, MEBL, and NBP.

Last week, the PSX experienced a bullish trend, with the KSE-100 index surging to a record high of 117,587 points, marking a 5.6% week-on-week increase.

This surge was driven by the government's announcement of the Uraan Pakistan Programme, which aims to achieve sustainable development and financial stability.

AKD Securities Ltd said that banking, fertiliser, and investment and securities companies led the rally up, with contributions of 2,082, 1,751, and 696 points, respectively. 

In an unrealted development, Prime Minister Shehbaz Sharif and Finance Minister Muhammad Aurangzeb suggested a potential drop in interest rates to single digits, further fueling market optimism last week.