The Pakistan Stock Exchange (PSX) on Tuesday witnessed negative sentiment as escalating tensions and fading hopes of a deal to end the Middle East war weighed on investor confidence. The benchmark KSE-100 Index fell more than 2,500 points.
At close, the benchmark index settled at 177,955.50, a decline of 2,546.94 points, or 1.41%.
Selling pressure was witnessed across major sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, oil marketing companies (OMCs), and power generation. Index-heavy stocks such as HUBCO, MARI, OGDC, PPL, POL, and UBL traded in negative territory.
The PSX had rebounded on Monday, led by a strong rally in refinery stocks following reports of a multi-billion-dollar refinery modernization and expansion program.
However, selective profit-taking in other heavyweight stocks capped the market’s gains. The benchmark KSE-100 Index closed 397.83 points, or 0.22%, higher at 180,502.45.
Meanwhile, oil prices rose for a third consecutive session on Tuesday as prospects for a deal to end the Middle East war weakened. Iran said it would adopt a more offensive stance, while the US ruled out extending a ceasefire agreement, raising concerns over potential disruptions to energy supplies.
Brent crude futures gained 89 cents, or 1%, to $91.76 a barrel by 0641 GMT, extending Monday’s gains and reaching their highest level since July 30.
