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KARACHI: Panic-stricken investors continued to unload their positions as the Gulf war kept fuelling apprehensions about the energy supply scenario, stoking fears of an upsurge in inflationary pressures, especially in Pakistan, which is reliant on imports via the Strait of Hormuz. Consequently, the Pakistan Stock Exchange (PSX) on Thursday extended the bearish trend, dragging the benchmark KSE-100 index below the 172,000-point level.
Topline Securities Ltd said the bears remained firmly in control of the PSX as intensifying geopolitical tensions between the US and Iran continued to weigh on investor sentiment. Heightened uncertainty fuelled a sharp rally in global energy markets, raising concerns about inflationary pressures and the broader economic outlook.
Against this backdrop, the index saw aggressive selling throughout the session, plunging to an intraday low of 2,774 points at 171,655.09 before closing at 171,739.45, down 2,690.48 points or 1.54 per cent.
Ali Najib, Deputy Head of Trading at Arif Habib Ltd, said the PSX recorded another negative session, with investor sentiment under pressure as fresh hostilities between the US and Iran, coupled with Houthi attacks on Saudi oil tankers, intensified concerns about global oil supply disruptions. The escalation pushed international oil prices and global borrowing costs higher, prompting investors to adopt a risk-off stance.
