KARACHI: Bearish sentiment dominated the Pakistan Stock Exchange (PSX) on Thursday, pushing the benchmark index below 169,000 amid widespread panic selling by nervous investors for the fourth session in a row.
Driven by heightened economic uncertainty stemming from high oil prices caused by supply disruptions and intensifying military conflicts in the Middle East, aggressive selling pressure reduced market capitalisation by Rs378 billion in a single session.
The emerging external scenario has dampened prospects for economic recovery and poses risks to energy supply stability as local petroleum prices head to new highs.
Topline Securities Ltd said the local bourse came under heavy selling pressure as renewed US-Iran attacks shattered investor confidence, while a sharp surge in international oil prices further fuelled concerns about inflation, the external account, and overall macroeconomic stability.
Index sheds 3,079 points, market capitalisation drops Rs378bn
