PSX Falls Over 2,300 Points as Selling Pressure Returns

The Pakistan Stock Exchange (PSX) ended lower on Friday as selling pressure returned after two days of gains.

The benchmark KSE-100 Index dropped by 2,320.78 points, or 1.3%, to close at 175,802.78.

Selling was seen across major sectors, including automobiles, cement, banks, fertilizer, oil and gas, oil marketing companies, and power generation.

Major stocks such as HUBCO, Mari Energies, OGDC, POL, PPL, National Bank of Pakistan, and United Bank Limited closed in the red, pulling the market lower.

The decline came a day after the PSX gained more than 2,800 points on hopes that diplomatic talks between the United States and Iran could resume.

Meanwhile, international oil prices moved higher as tensions in the Middle East increased. Reports said the United States and Iran exchanged fresh attacks, affecting oil shipments through the Strait of Hormuz.

Brent crude rose to $85.28 per barrel, while US West Texas Intermediate (WTI) crude increased to $79.98 per barrel.