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KARACHI: The Pakistan Stock Exchange (PSX) extended its losing streak to a sixth straight session on Friday, despite the successful launch of Pakistan’s first Panda Bonds in the Chinese market, as rising oil prices and persistent geopolitical tensions kept investors on edge.
Surging crude prices, coupled with mounting inflationary concerns, prompted continued selling at the PSX. Oil prices rose more than 3pc, climbing over $3 per barrel after remarks by US President Donald Trump and Iran’s foreign minister dampened hopes of a deal to halt attacks and seizures involving shipping in the Strait of Hormuz.
According to Topline Securities Ltd, the benchmark KSE-100 index traded between an intraday high of 166,924.48 points, up 425 points, and a low of 165,291.53 points, down 1,207 points. The index eventually settled at 165,596.07 points, losing 902.77 points, or 0.54pc.
The main drag on the index came from Bank Al-Habib, Engro Holdings, Fauji Fertiliser, Lucky Cement, United Bank, Oil and Gas Development Company, and Meezan Bank, which collectively eroded 1,143 points from the benchmark.
