PSX loses over 1,330 points as oil prices surge

The Pakistan Stock Exchange (PSX) extended its losses on Friday as rising international oil prices and escalating tensions between Saudi Arabia and

The Pakistan Stock Exchange (PSX) extended its losses on Friday as rising international oil prices and escalating tensions between Saudi Arabia and Yemen’s Houthi movement dampened investor confidence.

The benchmark KSE-100 Index fell by 1,335.01 points, or 0.81%, to 162,589.30 by the Friday prayers break. The index had opened near 163,869 and initially climbed to an intraday high of 163,966.86 before selling pressure pushed it down to 162,407.61. It had closed at 163,924.31 in the previous session.

The downturn affected several major sectors, including commercial banking, oil and gas exploration, oil marketing, power generation, cement, automobile assembly and refineries. Heavyweight stocks such as HUBC, PPL, POL, UBL and MCB also traded in negative territory, reflecting widespread weakness across the market.

Market activity reached 144,593 trades, involving 159.1 million shares worth approximately Rs7.66 billion by the midday break.

The latest decline followed Thursday’s loss of more than 2,000 points, as investors remained concerned about regional instability and its potential impact on global energy markets.

Brent crude prices traded around $113 to $114 per barrel, approaching multi-month highs amid reports of intensified fighting involving Saudi Arabia and the Houthis in Yemen. The rise in oil prices has raised concerns about Pakistan’s import costs, pressure on its external account and the risk of higher inflation.

Pakistan relies heavily on imported energy, making the economy vulnerable to sustained increases in international oil prices. Higher petroleum costs could increase the country’s import bill and complicate efforts to maintain economic stability.

The KSE-100 Index remained down 6.59% since the beginning of the year, while its one-year performance showed a decline of 1.22%. The index’s 52-week range stood between 144,119.44 and 191,032.73.

Investors are expected to monitor developments in the Middle East, movements in global oil prices and broader market trends for signs of a possible recovery. Continued regional uncertainty and elevated energy costs are likely to keep market sentiment cautious.