Shares at PSX shed 1,400 points as Pakistan-India tensions loom

Bears took control of the trade floor on Monday as shares at the Pakistan Stock Exchange (PSX) reversed their short-lived gains in intraday trade, declining more than 1,400 points after a week of volatility due to heightened tensions between Pakistan and India. The benchmark KSE-100 index climbed by 941.79 points, or 0.82 per cent, to stand at 116,411.13 from the previous close of 115,469.34 at 10:05am. However, at 3:03pm, selling pressure ensued as the index decreased by 969.19 points, or 0.84pc, to stand at 114,500.15 from the previous close. Finally, the index closed at 114,063.90, down by 1,405.44 points or 1.22pc, from the last close. Awais Ashraf, director research at AKD Securities, said, “Corporate results of heavyweight companies caused the index to fluctuate in today’s trading session.