PSX closing: KSE-100 sees correction after record highs

WEB DESK: The Pakistan Stock Exchange (PSX) experienced a slight downturn on Monday as investors chose to cash in on profits following consecutive record highs last week.

Initially, the benchmark KSE-100 Index showed positive momentum, reaching an intra-day peak of 67,304.37. However, a wave of selling pressure emerged, persisting until the close of the session.

By the end of trading, the benchmark index had settled at 66,796.32, marking a decrease of 208.79 points, or 0.31 per cent.

Last Friday, the KSE-100 ended lower by 137 points as traders paused for breath after the index achieved a historic high.

During the previous week, the KSE-100 soared to a record peak of 67,142.12, attributed to advancements in the privatisation of Pakistan International Airlines (PIA) and progress on a new IMF bailout programme.

Trading volume on the all-share index decreased from 313.03 million in the previous session to 238.83 million. Similarly, the value of shares declined from Rs9.9 billion to Rs8.4 billion.

Meanwhile, the Pakistani rupee remained relatively stable against the US dollar in the interbank market on Monday.

The local currency closed at 277.94, appreciating by Re0.01 against the greenback, according to the State Bank of Pakistan (SBP).