The Pakistan Stock Exchange (PSX) saw a sharp decline in shares on Monday, breaking a record-breaking streak. The KSE-100 index closed at 66,012.32 points, down 0.32% from the previous close. Analysts attributed the sell-off to profit-taking and the market being in an “overbought territory.” They predicted a bullish trajectory in the near future, with the index possibly crossing the 74,000 milestone. The focus has shifted to upcoming monetary policies, with the possibility of significant impact on the market. The market was also witnessing profit-taking, especially from leveraged buyers, after negative news related to refineries. There were concerns surrounding Pakistan State Oil refuting divestment and refinery worries, leading to a retreat in stock prices. The news of Chinese investment in a refinery last week had raised expectations, but PSO refuted the news over the weekend, leading to the stock price retreat.

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By hassani

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