PSX down almost 2,700 points as oil surge dampens sentiment

Banks, cement and energy stocks drag KSE-100 down 1.54% to 171,739

KARACHI:

The KSE-100 Index extended its decline on Thursday, closing below 171,740 points, down 2,700 points, as cautious investor sentiment and broad-based selling kept the benchmark under pressure.

The KSE-100 Index extended its decline today, closing at 171,739 points, down 2,690 points (1.54pc) on a day-on-day basis, as cautious investor sentiment and broad-based selling kept the benchmark under pressure, according to Ahmed Sheraz of KASB KTrade. Trading activity remained relatively healthy, with volumes reaching 242 million shares in the KSE-100.

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Market participation was led by CNERGY, LOTCHEM, BOP, and KEL, while selling pressure remained concentrated in commercial banks, cement, and oil and gas stocks. On the index level, UBL, FFC, ENGROH, LUCK, and HUBC were among the major laggards, weighing heavily on benchmark performance.

Read: PSX plunges 1,700 points as US-Iran tensions rattle investors

Investor sentiment continued to be affected by the sharp rise in global oil prices, which has become a key concern given its potential implications for Pakistan's inflation outlook, external account, and overall macroeconomic stability. The higher energy price environment kept risk appetite subdued throughout the session.

Going forward, market direction is likely to remain driven by developments in international oil prices and the broader geopolitical landscape. Any stabilization in crude prices could help improve sentiment, while sustained strength in oil may keep investors cautious in the near term.