The Pakistan Stock Exchange (PSX) on Thursday witnessed back-to-back slump with the benchmark KSE-100 Index dropping nearly 2,700 points.
At close, the benchmark index settled at 171,739.44, a decline of 2,690.48 points or 1.54%.
Selling activity was witnessed across major sectors, including commercial banks, fertilizer companies, oil and gas exploration firms, oil marketing companies (OMCs), power generation companies, and refineries.
On Wednesday, the Pakistan Stock Exchange (PSX) faced intense selling pressure amid escalating geopolitical tensions in the Middle East and growing concerns over rising global crude oil prices. The uncertainty triggered a risk-off sentiment among investors, leading to reduced exposure to blue-chip and cyclical stocks.
The benchmark KSE-100 Index closed Wednesday’s session at 174,429.93 points, declining by 1,703.64 points or 0.97%.
Meanwhile, international oil prices continued to climb, rising more than 1.5% on Thursday to their highest level in over six weeks. The increase came after the United States launched a fresh wave of strikes on Iran, while Yemen’s Houthi group targeted oil tankers in the Red Sea, raising concerns over global supply disruptions.
Brent crude futures gained $1.93, or 2%, reaching $96 per barrel by 0011 GMT, marking their highest level since June 8. The benchmark had already settled more than $3 higher at $94.07 in the previous session, narrowly missing a six-week peak.
US West Texas Intermediate (WTI) crude also advanced, rising $1.44, or 1.7%, to $88.27 per barrel after climbing nearly 3% on Wednesday.
