PSX Falls Nearly 500 Points in Cautious Trading

KARACHI: The Pakistan Stock Exchange (PSX) remained under pressure on Friday as investors stayed cautious, with the KSE-100 Index closing at 168,155, down 481 points, or 0.29% day-on-day.

According to Ahmed Sheraz of KASB KTrade, the benchmark index remained volatile during the session, while 147 million shares were traded.

Selling was seen mainly in commercial banks, technology, cement and selected fertiliser stocks, while oil and gas stocks provided some support.

SYS, MEBL, LUCK, NBP and HBL weighed on the index, while UBL, MARI and OGDC provided support.

Trading volumes remained low, with KEL, PIBTL and CNERGY recording the highest volumes.

The mixed performance across sectors showed cautious investor sentiment as market participants continued to monitor domestic political developments, as well as geopolitical and oil price risks.

Investor sentiment is expected to remain cautious due to political developments, particularly talks between the government and opposition aimed at reducing tensions.

Internationally, the United States-Iran situation and uncertainty surrounding the Strait of Hormuz remain key concerns for oil supplies and prices.

“We expect the KSE-100 to remain volatile, with oil prices, geopolitical developments and progress on domestic political negotiations driving near-term direction,” Sheraz said.