PSX plunges over global equity sell-off

Pakistan Stock Exchange (PSX) on Monday plunged more than 1,100 points in a widespread bearish activity, sparked by the global equity sell-off over fears of a potential US recession and escalating tensions in the Middle East. The KSE-100 index started off the day positively, reaching its intra-day high of 78,330.09 points very soon. However, it struggled to sustain the momentum and started descending before midday. Key factors contributing to the bearish trend included the weak rupee, slump in global crude oil prices and potential impact on Pakistan's exports due to recession fears in the US. The downturn was driven by the decline in stocks in power, exploration and production (E&P), IT and banking sectors.