The Pakistan Stock Exchange (PSX) on Monday began the new week on a negative note with the benchmark KSE-100 Index losing over 100 points.
At close, the benchmark index settled at 181,310.28, a decline of 119.74 points or 0.07%.
Selling pressure was witnessed across major sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, and power generation. Heavyweight stocks such as HUBCO, MARI, UBL and NBP traded in negative territory.
During the previous week, the Pakistan Stock Exchange posted a strong recovery as progress in diplomatic talks between Iran and Oman over the reopening of shipping through the Strait of Hormuz, coupled with expectations of a broader US-Iran agreement, eased geopolitical concerns and boosted investor sentiment.
The benchmark KSE-100 Index surged 5,335.89 points, or 3% week-on-week, to settle at 181,430.02 points.
Meanwhile, oil prices remained largely stable on Monday as optimism over efforts to reopen the Strait of Hormuz was offset by Iran’s insistence that the United States meet several conditions before the strategic waterway could be reopened.
Brent crude futures rose 19 cents to $83.74 a barrel by 0807 GMT, while US West Texas Intermediate (WTI) crude futures gained 3 cents to $78.21 a barrel.
