Pakistan Stock Exchange(PSX) witnessed a strong bearish trend in the intraday trading on Monday as the benchmark KSE-100 Index plunged over 2700 points to drop to 166,283.29 points against 168,990.07 points in the previous session.
In the morning today, the stock market opened in the red and dropped over 1600 points in the first 15 minutes of trading; however, after that, a buying trend emerged, and bulls returned to the market. As a result, the benchmark KSE-100 Index crossed the 169,000-point mark to reach an all-time high of 169,326.35.
Some, half an hour later, a strong selling pressure emerged and the stock market once again fell into the red and started dropping the gain.
At 1:50 p.m., the stock market was trading at 166,283.29 points, losing the psychological limits of 169000 points, 168000 points, and 167000 points.
Selling pressure was seen in key segments including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, power generation, and refinery. Index-heavy stocks, including ARL, HUBCO, MARI, OGDC, PPL, POL, PSO, SSGC, SNGP, MCB, MEBL, and UBL, traded in the red.
