KARACHI:The Pakistan Stock Exchange (PSX) lost more ground as early optimism gave way to extensive selling in the second half of the trading session. At close, the benchmark KSE-100 index recorded a loss of 941.03 points, or 0.63%, and settled at 147,494.03.Monsoon safety gear
Concerns over severe flooding in the northern regions of the country triggered a shift in investor sentiment, leading to a sharp downturn in equities.
The index opened on a positive note, climbing steadily during morning hours and reaching the intra-day peak of 149,238 points. However, the upbeat momentum could not be sustained as news of flood devastation began circulating in the mid-session.
This reversal triggered aggressive offloading of stocks across key sectors, pushing the index sharply lower. The day’s low was recorded at 147,337, marking a sharp contrast to the earlier highs. It was the fifth straight day of losses for the benchmark index.
Topline Securities, in its report, wrote that the local bourse extended its losing streak as contract rollover week jitters kept investors cautious while flood warnings from NDMA further dampened sentiment. The authority highlighted a “very high to exceptionally high” flood risk in Lahore and parts of Punjab following heavy rains and release of water by India, with army aid sought in six districts.
The KSE-100 index closed lower by 941 points, slipping beneath the 147,500 mark. Despite an early rebound, selling pressure and risk aversion weighed on the benchmark index, Topline said.
Gains in Meezan Bank, Engro Holdings and MCB Bank added 137 points to the index; however, they were overshadowed by declines in Habib Bank, Fatima Fertiliser, Service Industries, National Bank and Mari petroleum, which dragged the index down by 331 points.
Looking ahead, heightened rollover activity and prevailing flood worries are likely to keep the market volatile, with investors expected to remain cautious in the coming sessions, Topline predicted.
Arif Habib Limited (AHL) reported that the index extended its losing streak to a fifth consecutive session, sliding into the 147.5k range with some panic in the second half following news of major flooding in the north of the country.
