Bulls Step Back: KSE-100 Slips on Lack of Positive Triggers
ISLAMABAD: The local bourse witnessed a profit-taking session on Monday as uncertainty continued to weigh on investor sentiment. The benchmark KSE-100 index declined by 881 points, or 0.74%, to settle at 118,221, after touching an intraday low of 952 points.
The bearish trend was primarily driven by concerns over the delay in the federal budget announcement and the lack of clarity regarding the IMF conditions tied to it. In the absence of positive triggers, investors chose to trim their positions and adopt a cautious stance.
KEL led the volume chart with 246 million shares traded, closing at its upper circuit, following news that K-Electric has secured a dollar-linked tariff for its transmission and distribution business.
Energy stocks came under pressure amid rumours of a potential delay in the clearance of circular debt, with PPL, OGDC, and PSO emerging as major losers.KSE 100 Index Crashed
On the downside, key index heavyweights including ENGROH, SYS, PSO, FFC, and OGDC collectively contributed to a 452-point decline in the benchmark index.
Overall market participation remained robust, with traded volume and value standing at 634 million shares and PKR 18.5 billion, respectively.
