PSX plunges 1,350 points on geopolitical tensions
A stock broker reacts while monitoring the market on the electronic board displaying share prices during trading session at the Pakistan Stock Exchange, in Karachi on July 3, 2023. Photo: Reuters/ File
The Pakistan Stock Exchange (PSX) endured a directionless and highly volatile session on Wednesday, as the benchmark KSE-100 Index closed at 155,777, shedding 1,350 points.
"PSX witnessed a directionless session," said Ali Najib, Deputy Head of Trading at Arif Habib Ltd.
The KSE-100 Index settled at 155,777 points, down 1,355 points, as persistent volatility kept investors cautious, noted Topline Securities. The benchmark moved within a broad range of 157,962 to 154,790 points during the session, reflecting nervous participation and intraday swings.
Overall sentiment remained fragile amid escalating geopolitical tensions, which dampened global risk appetite. Regional Asian markets largely traded in the red, and the local bourse followed the same negative trajectory, mirroring the broader risk-off environment.
Read: PSX stages strong comeback on easing fears
On the other hand, the Exploration & Production (E&P) sector outperformed the broader market, as international oil prices moved higher in response to the ongoing conflict, lending support to energy stocks.
Index-heavy constituents—including ENGROH, UBL, NBP, HBL, and LUCK—emerged as key laggards, collectively dragging the index down by 891 points during the session.
Market participation with a total traded volume of 622 million shares and a turnover standing at Rs 30 billion. Unity dominated the volume leaders’ board, with over 117 million shares.