PSX slips more than 300 points in volatile midday session

ISLAMABAD: The Pakistan Stock Exchange traded unevenly on Monday, with the benchmark KSE-100 Index giving up its early advance and moving into negative territory by midday as investors stayed cautious over uncertainty linked to the fragile United States-Iran ceasefire and firmer global oil prices.

According to market figures reported during the session, the KSE-100 stood at 179,257.01 by midday, down 314.25 points or 0.19%. Earlier, the market had opened higher, and the benchmark rose by more than 400 points in the opening minutes.

At 9:39am, the index was recorded at 179,641.68, showing a gain of 70.42 points, or 0.04%. However, the early momentum did not last. By 12:44pm, the benchmark had slipped to 179,238.91, down 332.35 points or 0.19%, reflecting a mixed mood among investors as the session remained volatile.

During intraday trade, the market touched a high of 180,272.01 and a low of 179,158.98. Traded volume reached 172.56 million shares, while turnover stood at Rs17.77 billion.

Sector activity mixed

Buying interest was seen in cement stocks, commercial banks, oil and gas exploration companies, oil marketing companies, power generation firms and refineries. Despite that support, selling in selected heavyweight shares kept the benchmark index in the red.

Investors also remained focused on developments in the Middle East, with concerns over how long the US-Iran peace arrangement would hold continuing to weigh on sentiment. Oil prices edged up after days of back-and-forth strikes involving the US and Iran, highlighting the fragility of the interim truce and affecting energy shipments through the Strait of Hormuz.

The combination of sector-specific buying and pressure in major index stocks left the market moving within a narrow but volatile range through the first half of the session.