The Pakistan Stock Exchange (PSX) experienced yet another “bloodbath” on Monday, February 23, 2026, as the KSE-100 benchmark index plummeted by 5,478 points. This marks the third massive crash in just two weeks, wiping out trillions in market capitalization.
Monday’s Market Snapshot
| Metric | Value / Change |
| Final KSE-100 Close | 167,691.08 |
| Total Points Lost | 5,478.63 (3.16%) |
| Intraday Low | 166,886.63 |
| Total Traded Volume | 461.2 million shares |
The Pakistan Stock Exchange’s (PSX) benchmark index KSE-100 began another week on a low note, losing more than 5,400 points during intraday trade on Monday.https://t.co/mc6fFc93ff
— Global Circus (@globalcirkus) February 23, 2026
The “Why”: A Perfect Storm of Risks
Analysts point to a convergence of factors that have shattered investor confidence:
- US-Iran Escalation: The primary driver remains the heightened geopolitical risk following the Trump administration’s aggressive naval deployments and recent airstrikes in the region.
- The “Super Tax” Jolt: Recent legal rulings and rumors regarding a potential “Super Tax” on high-earning sectors have sparked panic selling in banking and fertilizer stocks.
- IMF Jitters: While the IMF has praised Pakistan’s “strong” fiscal surplus (1.3% of GDP), the upcoming third review (starting Feb 25) is expected to demand tough new structural benchmarks, particularly in the power sector.
- Domestic Political Noise: Ongoing protests by the opposition alliance (TTAP) outside the Supreme Court regarding Imran Khan’s health and legal cases have added to the “permissive environment” of uncertainty.
Sector Performance & Laggards
The decline was broad-based, with heavyweights in the commercial banking and power sectors leading the slide:
- K-Electric (KEL): Top active stock, falling 4.61% to Rs 7.66.
- Bank of Punjab (BOP): Saw a steep drop of 8.63% to Rs 30.19.
- National Bank (NBP): Contributed significantly to the point drop, closing at Rs 244.00 (-12.86).
Historical Context: A Bearish February
This month has been one of the most volatile in PSX history. The index is now down nearly 12% from its January peak of 191,032 points:
- Feb 16: Lost 5,149 points.
- Feb 19: Lost 6,683 points (Record-breaking single-day fall).
- Feb 23: Lost 5,478 points.
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