A volatile session was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index shedding over 1,200 points on Friday.
At close, the bechmark index settled at 151,707.52, down by 1,200.45 points or 0.79%.
Earlier, selling was observed in key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs and refinery. Index-heavy stocks, including CNERGY, MARI, OGDC, PPL, POL, and NBP, traded in the red.
Top negative contribution to the index came from OGDC, PPL, NBP, UBL and MARI, as they cumulatively contributed 614 points to the index, Topline Securities reported.
The Foreign Office confirmed that the temporary Eid pause had ended, and military operations against targets in Afghanistan had resumed.
“This escalation on the western border is cooling the ‘peace broker’ hype and reminding investors of the persistent regional security premium,” said Behtari Capital on Friday.
On Thursday, PSX remained under intense selling pressure as persistent volatility in international oil prices and ongoing global uncertainty triggered broad-based declines across sectors. The KSE-100 Index closed at 152,907.97 points, falling by 5,405.48 points or 3.41%.
Globally, Asian stock markets were swept up in a global rout on Friday, tracking Wall Street lower as the threat of a protracted energy shock out of the war-torn Middle East sent borrowing costs spiralling higher.
Investors took a modicum of comfort from US President Donald Trump’s decision to extend his ultimatum to strike Iranian power plants by 10 days, after pushing back his initial 48-hour deadline by five days. Brent crude futures fell 1% to $107.07 a barrel, having jumped nearly 6% overnight.