PSX Extends Losses as KSE-100 Falls 704 Points Amid Middle East Concerns
PSX KSE-100 extends losses amid cautious trading in Karachi.
The Pakistan Stock Exchange (PSX) extended its decline on Friday. The KSE-100 Index fell 703.71 points, or 0.42%, before the Friday prayer break.
The benchmark stood at 167,933.14, down from Thursday’s close of 168,636.85.
The index opened near 168,639. It then climbed to an intraday high of 168,854.46. Selling pressure later dragged the index to 167,685.42.
The move created a trading range of more than 1,169 points. By around 10am, the benchmark had fallen 341 points to 168,296.
Selling Hits Major Sectors
Selling pressure emerged across several major sectors. These included automobile assemblers, cement, commercial banks, oil and gas exploration, oil marketing companies and power.
Several index-heavy stocks also traded lower during the morning session. ARL, HUBC, PSO, SSGC, HBL, NBP and UBL remained under pressure.
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Morning turnover reached 67.51 million shares. The traded value stood at around Rs3.89 billion.
Pakistan International Bulk Terminal led trading activity with 14.51 million shares. The stock fell 2.31%.
K-Electric followed with 12.14 million shares. Cnergyico recorded 9.22 million shares. Maple Leaf Cement and Lotte Chemical also featured among the most active stocks.
PSX Follows Thursday’s Sell-Off
Friday’s decline followed a sharp fall on Thursday. The KSE-100 lost 1,332.47 points, or 0.78%, to close at 168,636.85.
Investors sold banks, exploration companies, cement stocks and oil marketing companies during that session.
Market commentary also linked Friday’s cautious mood to developments in the Middle East. Elevated crude prices added to investor concerns.
Reports of increased US military activity in the Gulf also kept investors cautious. Market participants were also watching upcoming US jobs data.
Trading will resume after the Friday prayer break. Investors will monitor banking and energy stocks closely during the second half of the session.
