PSX: selling at bourse, KSE-100 down 600 points
- Benchmark index was hovering at 165,812.12
The Pakistan Stock Exchange's KSE-100 Index fell more than 600 points amid broad selling pressure across key sectors. This decline follows a positive previous week, despite mixed global market sentiment.
- Key sectors experiencing selling pressure at PSX.
- PSX's previous week recovery driven by regional peace talks.
- Global market sentiment, AI cash-burn worries, and tech stock performance.
- US midterm elections and cryptocurrency exchange stability concerns.
Selling pressure was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index shedding over 600 points on Monday.
At 10:20am, the benchmark index was hovering at 165,812.12, down 597.13 points or 0.36%.
Selling was observed in key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs and refineries. Index-heavy stocks, including MARI, OGDC, PPL, PSO, SSGC, SNGPL, ARL, MCB, MEBL, NBP and UBL, traded in the red.
During the previous week, PSX snapped its five-week losing streak, with the benchmark KSE-100 Index gaining 4,034.37 points, or 2.5% week-on-week, to close at 166,409.25 points. Renewed optimism over progress in regional peace talks improved investor risk appetite and triggered broad-based buying across major sectors, reversing the market’s prolonged decline.
Globally, share markets steadied in Asia on Monday as investors hoped for Apple earnings later in the day to provide some relief from AI cash-burn worries, while oil prices eased after talks continued between Iranian and Qatari mediators.
The optimism helped S&P 500 futures edge up 0.4%, while Nasdaq futures bounced 0.8%. The tech-heavy Nasdaq lost almost 7% in October for its worst month since the ‘Liberation Day’ tariff rout of April 2025.
Some upbeat news is sorely needed after concerns about negative cash flow and the sheer scale of AI capex saw the cost of insuring against corporate defaults blow out last week.
Intel’s near 29% tumble on Friday has also raised the stakes for other chip groups, including AMD.
An added wrinkle is the midterm elections in the United States, where a win by Democrats in either or both houses could result in more political hurdles for data centres.
Adding to the air of unease were withdrawals from Binance as the world’s biggest cryptocurrency exchange went back online on Sunday after hackers stole billions from the platform last week.
Japan’s Nikkei was down 0.1%, but off early lows, while South Korea added 0.8%, having shed 16% last month.
MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.2%.
This is an intraday update