Pakistan Stock Exchange Plummets 1,690 Points Amid Geopolitical Tensions
The Pakistan Stock Exchange (PSX) witnessed significant losses on Wednesday as the KSE-100 index plummeted by 1,690.40 points, or 0.96%, amid heightened geopolitical tensions and concerns over energy supply through the vital Strait of Hormuz.
Commercial banks, cement, and oil & gas exploration stocks bore the brunt of selling, with key names like Meezan Bank, United Bank, Pakistan Petroleum, Fauji Fertiliser, Lucky Cement, Oil & Gas Development Company, and Habib Bank contributing to the decline.
The market remained under pressure throughout the session, moving between an intra-day high of 175,841.83 and a low of 174,562.88. International oil price movements also dampened investor risk appetite, with crude prices surging by around 7% overnight.
Analysts at KTrade Securities projected that the market will remain volatile in the near term, with the 174,500-174,700 range being a crucial level to watch. The PSX's trading activity remained moderate, with a total of 610.2 million shares traded and a value of Rs31.9 billion.
Cnergyico Pk was the volume leader, with trading in 124.9 million shares falling by Rs0.34 to close at Rs14.66. Foreign investors also sold shares worth Rs710 million, as per the National Clearing Company's report.