PSX slips as profit-taking, oil concerns weigh on sentiment

KSE-100 falls over 450 points by midday as selling emerges across key sectors amid rising crude prices

KARACHI:

The Pakistan Stock Exchange (PSX) came under selling pressure on Friday, ending its recent winning streak as profit-taking gathered pace amid higher international oil prices and concerns surrounding developments in the Strait of Hormuz.

By 9:39am, the benchmark KSE-100 Index had fallen 771.05 points, or 0.42%, to 181,005.54 as broad-based selling emerged across index-heavy sectors.

By midday 12pm, however, the benchmark was hovering at 181,326.54, down 450.05 points, or 0.25%, from the previous close of 181,776.59. During the session, the index touched an intraday high of 181,647.27 and a low of 180,620.08.

Trading activity remained moderate, with 146.05 million shares changing hands, while the traded value stood at Rs10.06 billion.

Read: PSX extends rally despite geopolitical jitters

Selling pressure was witnessed across most index-heavy sectors, including automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration companies, and oil marketing companies.

Profit-taking persisted after the benchmark's recent rally, while higher international oil prices and concerns surrounding developments in the Middle East kept investor sentiment subdued.