The Pakistan Stock Exchange (PSX) extended its losing streak on Wednesday as renewed tensions in the Middle East rattled investor sentiment, with the benchmark KSE-100 Index plunging nearly 1,600 points during intraday trading.
At close, the benchmark index settled at 176,042.98, a decline of 1,580.90 points or 0.89%.
Heavy selling was witnessed across major sectors, including automobile assemblers, cement, chemicals, commercial banks, oil and gas exploration companies, oil marketing companies (OMCs), and power generation. Index-heavy stocks such as HUBCO, OGDC, PPL, NBP, and UBL remained under pressure and traded in negative territory.
The decline follows Tuesday’s weaker close, when the KSE-100 Index fell 638.45 points, or 0.36%, to settle at 177,623.88, as investors booked profits after Monday’s strong rally despite support from refinery stocks on expectations of favorable government policies.
Meanwhile, global oil prices surged after fresh geopolitical developments intensified concerns over supply disruptions. Crude prices climbed following joint US-Saudi strikes in Iraq and the interception of Iranian ballistic missiles targeting US forces in the region, alongside a decline in US crude inventories.
Brent crude rose $3.15, or 3.8%, to $87.24 a barrel, while US West Texas Intermediate (WTI) gained $2.73, or 3.4%, to $81.99 a barrel by 0520 GMT.
