KSE-100 sheds over 1,700 points amid uncertainty - The Express Tribune

The Pakistan Stock Exchange (PSX) came under renewed selling pressure on Thursday, with the benchmark KSE-100 index shedding over 1,700 points as investors trimmed positions amid rising domestic political uncertainty and escalating geopolitical tensions in the Middle East. Weakness in banking, cement and technology stocks dragged the market lower, while concerns over a possible escalation between Israel and Iran further dampened investor sentiment.

The Pakistan Stock Exchange witnessed a negative session, with the KSE-100 index closing at 177,373 points, down 1,710 points or 0.95% DoD. The market remained mixed initially but gradually came under selling pressure as the session progressed. Trading volume stood at 236 million shares.

Sector-wise, commercial banks led the decline, followed by cement, technology, fertiliser, and power stocks. Major laggards included UBL, LUCK, HBL, SYS, FFC, and NBP, while MARI was the only notable contributor on the positive side, as per Ahmed Sheraz of KASB KTrade.

On the international front, oil prices rebounded above $92/bbl after recently touching a two-month low near $90/bbl. Meanwhile, despite positive statements around negotiations, no concrete progress has emerged. Reports of Israel placing its military on alert for a possible strike on Iran have further heightened geopolitical concerns.

Domestically, rising political tensions surrounding the proposed 28th Constitutional Amendment have added to market uncertainty. With Friday marking the last trading session of the week and clarity still missing on multiple fronts, cautious sentiment and further selling pressure may persist unless positive developments emerge.

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