PSX falls sharply as index drops over 2,800 points

The Pakistan Stock Exchange (PSX) continued its downward trend on Thursday as selling pressure pushed the market sharply lower.

The benchmark KSE-100 Index fell by 2,829.70 points, or 1.71%, closing at 162,994.17.

Strong selling was seen across major sectors including automobile assemblers, cement, commercial banks, oil and gas exploration companies, oil marketing companies, and power generation firms. Major stocks such as HUBCO, MARI, OGDC, POL, PPL, MCB, MEBL, and UBL all ended the day in negative territory.

A day earlier, on Wednesday, the market had already dropped by 2,588.35 points amid weak corporate earnings, heavy losses in key stocks, and cautious investor sentiment. Rising oil prices and global geopolitical tensions also added pressure on the market.

In global markets, crude oil prices surged sharply, further affecting investor confidence. Brent crude reached a four-year high due to fears of possible escalation in US-Iran tensions that could disrupt oil supply from the Middle East.

Brent futures rose by $4.28 (3.63%) to $122.31 per barrel, after touching an intraday high of $126.41, the highest level since March 2022.

Overall, both local and global factors continued to weigh heavily on investor sentiment in the PSX.