The KSE-100 index recorded volatile trading during the week, moving sideways before closing lower. PHOTO:FILE
KARACHI:
Selling pressure persisted at the Pakistan Stock Exchange (PSX) on Thursday, pushing the benchmark KSE-100 Index down 1,486 points, or 0.86 percent, to 170,457.57 by midday.
The market opened weak following Wednesday’s 699-point decline, briefly reaching an intraday high of 171,945.83 before slipping to a session low of 170,054.92. The previous close was 171,943.59. Trading in the index amounted to 143.37 million shares valued at Rs8.10 billion.
Investors remained wary amid the intensifying US-Iran conflict, including attacks on shipping in the Strait of Hormuz, and crude oil prices that have remained above $100 a barrel. Sustained high oil prices have already lifted local petrol and diesel rates, raising concerns about renewed inflationary pressure, a wider import bill and potential implications for monetary policy.
Selling was widespread across index-heavy sectors, including commercial banks, cement, fertilizer, oil and gas exploration companies, and oil marketing companies. Major constituents such as FFC, MCB, Lucky Cement, Meezan Bank, MARI, OGDC and PSO traded lower during the morning session.
The decline extends a multi-day retreat driven by geopolitical uncertainty and profit-taking after earlier gains. Trading activity remained subdued compared with recent sessions, reflecting cautious market sentiment.
Analysts said the index’s direction during the remaining hours would depend on fresh developments in the Middle East and movements in international oil prices. Selective buying in a few stocks offered limited support, but the overall tone remained bearish at midday.