The Pakistan Stock Exchange (PSX) witnessed selling pressure on Friday as tensions between the US and Iran escalated further in the Middle East, reported 24NewsHD TV channel.
At Friday prayers break, the PSX’s benchmark index was hovering at 178,198.06 points after gaining just 74.50 points or 0.04 percent.
Selling was observed in key sectors, including automobile assemblers, cement, commercial banks, fertilizer, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks, including HUBCO, MARI, POL, PPL, MCB, MEBL, NBP and UBL, traded in the red.
On Thursday, the PSX extended its recovery for a second consecutive session as renewed optimism over the possible resumption of dialogue between the United States and Iran improved global risk appetite.
The benchmark KSE-100 Index settled at 178,123.57 points, gaining 2,837.78 points or 1.62%.
Internationally, Asian stocks got off to a rocky start on Friday as the drag from chipmakers weighed on global equity indexes, while oil prices were set for their sharpest weekly rise in three months as tensions in the Middle East erupted anew.
Investors this week rotated out of semiconductor plays into other sectors such as banking after robust earnings from major lenders, leaving Asia vulnerable to the selloff given its heavier exposure to chips.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.06% in early Asia trade while the Nikkei slid 2.8%. Nasdaq futures lost 0.7%, and S&P 500 futures declined 0.4%.
Markets in South Korea were closed for a holiday after the government announced it would temporarily ban new listings of exchange-traded funds (ETFs) that are tied to certain major technology firms, while raising minimum required deposits for retail investors to invest in such products, in an effort to curb volatility.
Reporter: Kawish Memon