PSX sheds 814 points amid selling pressure

PSX sheds 814 points amid selling pressure

The Pakistan Stock Exchange (PSX) ended lower on Tuesday as heavy selling in key sectors dragged the benchmark KSE-100 index down by more than 814 points following a volatile trading session.

The market opened on a positive note, with investors showing interest in automobile assemblers, cement companies, commercial banks, oil and gas exploration firms, and oil marketing companies. However, the initial optimism faded as the index struggled to maintain its gains and selling pressure intensified during the latter part of the session.

The KSE-100 index touched an intraday high of 166,425.56 points and a low of 165,111.14 points before closing at 165,151.64 points, down 814.44 points, or 0.49%.

According to KTrade Securities’ market wrap, cautious investor sentiment and subdued trading activity weighed on the market, with total trading volume standing at 144 million shares.

Selling pressure remained widespread, particularly in the commercial banking, technology, refinery and power sectors. Attock Refinery, Systems Limited, Habib Bank, Hub Power and Fauji Fertiliser emerged as the biggest contributors to the index’s decline.

Meanwhile, international oil prices continued to rise, with Brent crude hovering near a five-month high as traders factored in geopolitical risks following Houthi attacks on Saudi infrastructure and reports of vessel attacks in the Gulf.

Concerns over possible disruptions to regional energy supplies added to market uncertainty, further dampening investor confidence.