Profit-taking hits energy and textile sectors as conflicting reports emerge on Islamabad Talks
Overall market participation was strong, as 1,066 million shares were traded with a total value of Rs. 49 billion. KEL led the volume chart, with 195.8 million shares..Photo: Express
The Pakistan Stock Exchange (PSX) witnessed a cautious mid-day session on Monday as the benchmark KSE-100 Index turned negative after opening on a mixed note.
The index stood at approximately 171,004 points, reflecting a decline of about 2,935 points, or 1.69%, from Friday’s close of 173,939.
The index touched an intraday high of 174,524 points and a low of 170,626 points, with trading volume crossing 345 million shares valued at over Rs37 billion.
Market sentiment remained mixed to bearish amid ongoing geopolitical uncertainties surrounding the US-Iran talks hosted in Islamabad earlier.
Although hopes for diplomatic progress had fuelled a strong weekly rally last week, conflicting reports on the talks, potential disruptions in the Strait of Hormuz, and rebounding global oil prices triggered profit-taking in key sectors such as oil and gas, exploration and production, and textiles.
Banking and some auto stocks showed early resilience but failed to sustain momentum as selling pressure intensified by mid-day.
Analysts noted that investors are closely monitoring any fresh developments from the high-level diplomatic engagements in the capital, with a US delegation’s presence adding to the volatility.
Despite today’s correction, the broader market trajectory remains bullish on a year-to-date and one-year basis, supported by strong economic indicators and foreign interest in previous sessions.
