KARACHI: Renewed tensions in the Middle East rattled investors and dragged the Pakistan Stock Exchange (PSX) lower during the outgoing week, as fears of higher oil prices and broader economic uncertainty sparked widespread selling despite intermittent recoveries.
The benchmark KSE-100 index closed at 182,242 points, down 3,130 points, or 1.7 per cent week-on-week, after geopolitical developments overshadowed encouraging domestic macroeconomic indicators.
According to Topline Securities, the market came under pressure following renewed hostilities involving the US and Iran, which pushed up international crude oil prices and weakened investor confidence.
The week began on a positive note, with the KSE-100 gaining more than 2,000 points on Monday and extending the previous week’s rally. However, sentiment reversed sharply as tensions escalated, triggering heavy selling that erased early gains. Although the market staged a partial recovery towards the end of the week, it was insufficient to offset overall losses.
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