PSX plunges over 1,700 points 

The Pakistan Stock Exchange (PSX) ended the trading week on negative notes as its benchmark KSE-100 Index closed down over 1,700 points.

KSE-100 Index closed at 171,115 points, down 1,778 points, as the market witnessed a dull yet typical Friday profit-taking session after the strong rally seen in recent day. 

Benchmark volumes in KSE100 stood at 431 million shares, with major activity concentrated in KEL, CNERGY, and PIBTL. Pressure remained concentrated in commercial banks and E&P stocks, where profit-booking dragged the index lower throughout the session. Major negative contributions came from UBL, ENGROH, MEBL, PPL, MARI, OGDC, FFC, BAHL, and LUCK. 

Selling pressure returned to the Pakistan Stock Exchange (PSX) on Friday after renewed hostilities broke out between the US and Iran, with the benchmark KSE-100 Index shedding over 1,600 points during the opening hours of trading, reported 24NewsHD TV channel.

At Friday prayers break, the index plunged by 1,166.05 points or minus 0.68 percent to drop to 171,728.2 points.

Selling was observed in key sectors, including automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks, including MARI, OGDC, PPL, POL, FFC, MCB, MEBL and UBL, traded in the red.

Earlier on Thursday, the Pakistan Stock Exchange had extended its bullish momentum as investors continued buying equities on improving sentiment, although mid-session profit-taking erased a significant portion of the market’s early gains.

The index still managed to close firmly in positive territory, gaining 1,189.52 points or 0.69 percent to settle at 172,894.28 points.

Internationally, oil prices were higher on Friday and stocks a little bit lower as the US and Iran exchanged fire ​in the Middle East, though many markets in Asia were still heading for stellar weekly gains as AI demand ‌has swept up chipmakers.

Benchmark Brent crude futures were up 1.3% at $101.60 a barrel, and European stock futures fell 0.7%.

Asian stock markets witnessed declines on Friday as investors reacted cautiously to ongoing geopolitical tensions.

In Hong Kong, the Hang Seng Index fell by 1.09 percent, while South Korea’s KOSPI Index dropped 0.72 percent.

Japan’s Nikkei Index saw a decrease of 0.58 percent, and China’s Shanghai Composite Index recorded a decline of 0.43 percent.

Reporter: Basim Iftikhar