KARACHI:

It was a day for the bears at the Pakistan Stock Exchange (PSX) on Monday as stocks came under selling pressure from the opening bell. As selling intensified during the session, the benchmark KSE-100 Index extended losses and was positioned at 171,787.97 points by 2:46pm, down 2,174.84 points from the previous close.

The index fell sharply in early trading, losing 635.18 points, or 0.37%, by 9:34am, reflecting cautious investor sentiment. By 1:19pm, the benchmark index had fallen 1,191.05 points, or 0.68%, to 172,771.76 points.

Selling was largely witnessed in major sectors such as automobile assemblers, cement, commercial banks, oil and gas exploration companies.

Read: PSX surges 4% in holiday-shortened week

Market participants remained concerned over reports that the government is facing difficulties in finalising a budget that can satisfy both the International Monetary Fund (IMF) and the public.

At the same time, the absence of progress in United States-Iran peace talks and continued uncertainty surrounding shipping through the Strait of Hormuz added to investor nervousness.

Trading activity, however, remained robust, with more than 149 million shares changing hands as investors weighed domestic economic challenges against rising geopolitical risks.