PSX loses 2,000 points during intraday trade as bearish momentum persists

The Pakistan Stock Exchange’s (PSX) benchmark index continued to witness bearish momentum on Monday as the market plunged by over 2,000 points during intraday trade. The KSE-100 index declined by 2,171.16 points or 1.31 per cent to stand at 163,424.91 points from the previous close of 165,596.07 points. Most Asian indices were lower in morning trade on Monday, extending slides in global markets, as the impasse in the Middle East drove oil prices more than two per cent higher. Investor sentiment has remained depressed amid a lack of tangible progress in the US-Iran negotiations, while concerns over the fragile situation in the Strait of Hormuz fuelled fears of further disruption to global oil supplies. Tokyo shares lost 1.0pc and Hong Kong was down 1.4pc, while Shanghai was flat. Sydney, Bangkok, Taipei, Singapore and Wellington also fell, with Jakarta tumbling 2.7pc. Last week, heightened geopolitical tensions and persistent economic uncertainty kept investors on edge, dragging KSE-100 below the pre-war level. The PSX extended its losing streak to a sixth straight session on Friday, losing 902.77 points to settle at 165,596.07 points. Analysts expect market performance this week to remain closely tied to geopolitical developments, particularly the trajectory of US-Iran negotiations and international oil prices, while investor activity is likely to stay cautious ahead of the federal budget. Additional input from AFP