KARACHI: The Pakistan Stock Exchange (PSX) remained under selling pressure for the second straight session, as escalation in the Middle East and an upsurge in crude oil prices have pushed local petroleum prices higher, stoking fears of a rise in inflation and a surge in the cost of production, bringing more pressure on an already stressed economy.
Topline Securities Ltd said the PSX came under pressure as the ongoing US-Iran conflict and elevated international oil prices continued to weigh on investor sentiment. Concerns about the potential impact on inflation, the external account, and Pakistan’s import bill prompted investors to book profits after recent market gains. Selling was particularly evident in index-heavy sectors, keeping the broader market in the red.
The KSE-100 index fell as much as 2,145 points intraday to 171,490.63 before recovering some of its losses to close at 172,642, down 993.63 points or 0.57 per cent.
United Bank, Lucky Cement, Meezan Bank, National Bank, and Pakistan Petroleum were among the major drags, collectively wiping out 485 points from the index. Conversely, Pakistan Services Ltd, MCB Bank, and Attock Refinery provided some support, collectively adding around 199 points.
