The Pakistan Stock Exchange (PSX) clawed back most of its early losses on Thursday, although the benchmark KSE-100 Index remained in negative territory as investors continued to navigate uncertainty driven by regional tensions and cautious global sentiment.
The market came under heavy selling pressure in the first half of the session, with the benchmark index dropping more than 1,000 points. By 11:35am, the KSE-100 had fallen 1,049.15 points, or 0.60 percent, to 174,993.83.
However, buying interest later helped the market recover a large part of the decline. By 2:29pm, the benchmark index was trading at 175,793.60, down 249.38 points, or 0.14 percent, while total traded volume stood at 175.78 million shares.
During the session, the KSE-100 touched an intraday high of 176,234.28 and slipped to a low of 174,612.14, after closing at 176,042.98 in the previous session. Despite recent volatility, the benchmark index remains up 27.01 percent over the past year and has gained 1 percent since the start of 2026.
Selling was concentrated in major sectors, including automobile assemblers, cement, fertiliser, oil and gas exploration, oil marketing companies, power generation and refineries. Heavyweight stocks such as Attock Refinery, Pakistan Refinery, Hub Power, Oil and Gas Development Company, Pakistan Oilfields, Pakistan Petroleum, Pakistan State Oil, MCB Bank, National Bank of Pakistan and United Bank also traded lower, weighing on the benchmark index.
Among the most actively traded shares were TS Bank, Pakistan International Bulk Terminal, WorldCall Telecom, Cnergyico, Waves Apparels, OBOY, K-Electric, Pakistan Stock Exchange Limited, Waves Corporation and Bank Alfalah.
On the gaining side, OBOY, PINL, TRSM, ZAHID, GEMNETS, JDMT, SHJS, SURC, STML and IMS were among the strongest performers, with most posting gains close to the 10 percent upper limit.
Meanwhile, DBCI, NSRM, ASHT, DINT, EWIC, FIL, GEMPACRA, PRWM, STPL and JSIL ranked among the session’s biggest losers.
The market extended its cautious tone after Wednesday’s sharp decline, when the KSE-100 Index dropped 1,580.90 points, or 0.89 percent, to close at 176,042.99. Investor confidence has remained under pressure amid escalating geopolitical tensions in the Middle East and the surge in international oil prices.
Global markets also offered little support. Asian equities struggled to find direction after a difficult week, with investors remaining wary of the outlook for technology shares and future US interest rate moves.
Oil prices eased slightly after Wednesday’s sharp rally, with Brent crude slipping below $90 per barrel even as conflict in the Middle East continued. Shipping data indicated that tankers were still moving through the region despite ongoing missile and drone attacks.
Meanwhile, the US Federal Reserve left interest rates unchanged, but a split decision among policymakers added to uncertainty over the path of monetary policy. Longer-term US Treasury yields climbed to their highest levels in nearly two decades, while investors continued to assess the impact of the recent selloff in Asian technology stocks linked to concerns over returns from heavy artificial intelligence spending.
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