Selling pressure returned to the Pakistan Stock Exchange (PSX) on Friday after two sessions of recovery, dragging the benchmark KSE-100 Index down by more than 2,300 points.
At close, the benchmark index settled at 175,802.78, a decline of 2,320.78 points or 1.3%.
Broad-based selling was witnessed across major sectors, including automobile assemblers, cement, commercial banks, fertilizer, oil and gas exploration companies, oil marketing companies (OMCs), and power generation.
Heavyweight stocks such as HUBCO, Mari Energies, Oil & Gas Development Company (OGDC), Pakistan Oilfields Limited (POL), Pakistan Petroleum Limited (PPL), National Bank of Pakistan (NBP), and United Bank Limited (UBL) traded in negative territory, weighing on the benchmark index.
The decline came a day after the PSX extended its recovery for a second consecutive session. On Thursday, investor sentiment improved amid optimism over the possible resumption of diplomatic talks between the United States and Iran, helping the benchmark KSE-100 Index gain 2,837.78 points, or 1.62%, to close at 178,123.57.
Meanwhile, international oil prices edged higher on Friday as tensions in the Middle East intensified. Reports indicated that the United States and Iran had stepped up attacks across the Gulf despite a fragile truce, disrupting oil flows through the Strait of Hormuz. Tehran also reportedly asked the Houthi movement to remain prepared to block the Red Sea export route.
Brent crude futures climbed $1.05, or 1.25%, to $85.28 per barrel by 0118 GMT, while US West Texas Intermediate (WTI) crude futures rose $1.03, or 1.3%, to $79.98 per barrel, recovering losses recorded in the previous trading session.
