The KSE‑100 ended Friday at 167,089 points, reflecting subdued trading and mixed sector performance.
A stock broker watches the electronic board showing share prices during a trading session at the Pakistan Stock Exchange in Karachi on July 3, 2023. Photo: Reuters/File
KARACHI:
The KSE‑100 slipped more than 350 points to close near 167,090 on Friday, as subdued trade and mixed sector results were compounded by local political uncertainty and ongoing geopolitical risks that dampened investor sentiment.
Trading volume stayed low at around 110 million shares, while softer oil prices provided some relief after the sharp sell‑off of the previous session.
The benchmark index finished at 167,089 points, down 352 points (‑0.21 % day‑over‑day), amid mixed performance and exceptionally quiet trading. Volume remained thin at just 110 million shares, indicating cautious investor positioning ahead of the weekend.
After the previous day’s heavy selling, which coincided with a more than 5 % rise in oil prices, sentiment eased slightly overnight following remarks by Donald Trump that hinted at limited chances of further escalation before the U.S. midterm elections, according to Ahmed Sheraz, Head of Support Trading at KASB KTrade. Brent crude retreated from near $106 per barrel to roughly $102‑103 per barrel, then traded between $103‑104 per barrel during market hours.
Nevertheless, lingering political uncertainty and persistent geopolitical tensions—especially those involving the Houthis and Red Sea routes—continued to pressure market sentiment. Sector performance was mixed, with banks, cement and technology stocks under pressure; HBL, UBL, MCB and OGDC led the banking decliners, while CNERGY, KEL and PIBTL emerged as volume leaders.
Looking ahead, the market is expected to trade in a narrow range with heightened volatility, as participation will likely stay muted until clearer signals appear on Pakistan’s political outlook and the evolving geopolitical environment. Oil price movements will remain a near‑term driver of sentiment.