Selling pressure continued at the Pakistan Stock Exchange (PSX) on Friday, with shares falling sharply during the first half of trading as investors remained uneasy over rising tensions in the Middle East.
The benchmark KSE-100 Index was seen at 167,007.65 points around midday, down by 2,165.72 points, or 1.28 percent. The market moved within a narrow range, touching a high of 168,053.46 and a low of 166,380.71, while total traded volume stood above 159 million shares.
The decline followed a weak close in the previous session, where the index had already dropped by more than 2,400 points. Market participants appeared reluctant to take fresh positions, with uncertainty around global developments keeping risk appetite low.
Broad-based selling across sectors
Losses were recorded across major sectors, including automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration, and power generation. Heavyweight stocks such as HUBCO, MARI, OGDC, PPL, FFC, UBL and HBL remained under pressure, contributing to the overall slide in the index.
Despite the broader downturn, some stocks saw buying interest. Among the most actively traded shares, WTL and YOUW posted gains, while UNITY and BOP remained among the laggards. A few companies managed to hit their upper price limits, but these gains did little to lift the overall market mood.
On the losing side, several stocks witnessed sharp declines, with some dropping close to their daily limits, reflecting the cautious stance adopted by investors.
Global cues keep investors on edge
International markets offered mixed signals, adding to the uncertainty. Asian equities struggled on Friday, while oil prices moved higher as concerns persisted over the situation in the Middle East and the lack of progress in US-Iran talks.
The uncertain global backdrop has kept investors shifting between hope for stability and fear of further escalation. Developments around the Strait of Hormuz, a key oil shipping route, have added to concerns, especially after fresh statements from Donald Trump regarding increased military action.
With both local and global factors in play, market participants are expected to remain cautious in the near term, closely watching geopolitical developments and their potential impact on economic stability.
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