KARACHI: The KSE-100 index fell 2,829.7 points, or 1.71 per cent, to close at 162,994.17 on Thursday, against the previous session’s close of 165,823.88. The index touched an intraday high of 164,357.47 and a low of 160,391.19. The market went down due to escalating geopolitical tensions in the Middle East and an increase in global oil prices.
The KSE-30 index lost 1,011.73 points, or 2.02 per cent, to settle at 49,090.22.Ali Najib, deputy head of trading at Arif Habib Ltd, said the PSX extended its losing streak. The session began on a weak footing amid escalating geopolitical tensions, as sharp rhetoric between US and Iran officials pushed international oil prices higher. This development weighed on global equities, including the PSX, given Pakistan’s status as a net oil importer, where rising oil prices typically pressure macro stability and market sentiment.
During the session, the index plunged to an intra-day low of 160,391 (down 5,433 points; -3.28 per cent DoD). However, late-session value hunting pared losses, enabling the index to recover and close near the 163k level.
UBL, PPL, FFC, NBP, ENGROH, LUCK, OGDC, HBL, SYS & HUBC emerged as major laggards, collectively dragging the index down by 1,747 points.
“Going forward, elevated oil prices amid ongoing geopolitical tensions may keep markets cautious in the near term. The 160k level is expected to act as strong support, while 175k remains achievable if the geopolitical environment improves. Any dip could present a buying opportunity, supported by attractive valuations and resilient medium-term fundamentals,” said Najib.
Volumes in the ready market declined 23.05 per cent to 837.37 million shares from 1.09 billion in the preceding session. Traded value fell 8.1 per cent to Rs36.35 billion from Rs39.55 billion. Market capitalisation eased 1.71 per cent to Rs18.02 trillion from Rs18.34 trillion.
Of the 485 companies traded in the ready market, 101 advanced, 348 declined and 36 remained unchanged.The top gainer was Khyber Textile Mills Limited, which rose Rs80.85 to close at Rs1,570, followed by Indus Motor Company Limited, which added Rs66.53 to end at Rs2,142.51. On the losing side, Blessed Textiles Limited fell Rs90.06 to Rs1,221.84, while Rafhan Maize Products Company Limited declined Rs87.49 to Rs9,401.75.
Nawaz Ali, an analyst at JS Global, said the PSX witnessed sustained selling pressure driven by escalating geopolitical concerns and rising international crude oil prices. Investor risk appetite weakened further as market participants reduced exposure ahead of the extended weekend.
He said near-term market direction will largely hinge on geopolitical developments in the Middle East, particularly their impact on global oil prices and investor confidence. WorldCall Telecom led turnover with 75.38 million shares, declining 5 paisas to Rs1.3. Bank of Punjab followed with 68.53 million shares, declining 85 paisas to Rs33.79. The remaining eight most-traded stocks were Cnergyico PK, Hascol Petroleum, F Nat Equities, Yousuf Weaving Mills, Crescent Star Insurance, Pace (Pak) Limited, K-Electric Limited and Clover Pakistan.In the futures market, 318 contracts were traded, with 29 recording gains and 289 recording losses.
