PSX snaps positive streak as benchmark index loses 200 points

Shares at the Pakistan Stock Exchange (PSX) broke their record breaking streak and fell more than 200 points on Monday, with analysts attributing the sell-off to profit-taking. According to the PSX website, the KSE-100 index shed 211.31 points to close at 66,012.32 points, down 0.32 per cent from the previous close of 66,223.63. It should be mentioned that the KSE-100 index had reached a significant milestone last week as it crossed the psychological barrier of 66,000 points. Overall, the stock market’s benchmark index closed at 66,224 points, up 4,532 points or 7.3pc week-on-week, which was the highest ever weekly pointwise return. Speaking to Dawn.com, Faran Rizvi, head of equity sales at JS Global, said the market was currently in an “overbought territory” and was likely making corrections. He predicted a bullish trajectory for the benchmark of representative shares in the near future, with the possibility of the index crossing the 74,000 milestone. “The market’s focus has now shifted to the upcoming monetary policies, and while most analysts anticipate no change in the current Monetary Policy Statement (MPS), any unexpected adjustment in interest rates — whether upward or downward — could have a significant impact on the market,” Rizvi added.