PSX loses 2,547 points on economic uncertainty
KARACHI: The resurgence in oil prices stemming from the stalemate on the Middle East conflict and an uncertain political situation left investors jittery, as the economic outlook remained clouded. As a result, the Pakistan Stock Exchange (PSX) on Tuesday witnessed aggressive selling pressure, forcing the benchmark KSE-100 index to fall below the 180,000-point resistance level. Topline Securities…
KARACHI - Aggressive selling across the Pakistan Stock Exchange (PSX) saw the KSE-100 index drop below the 180,000-point resistance level, marking a 2,546.94-point decline or 1.41 percent on Tuesday. Investors were unsettled by the economic outlook clouded by rising oil prices due to the ongoing Middle East conflict and political uncertainty.
The index traded within a range of 180,602 and 177,866, indicating heightened volatility and widespread selling. Analysts attributed the decline to growing investor sentiment weakened by political instability and escalating oil prices, leading to profit-taking across major sectors. While the power sector showed improvement, with demand increasing 7.1 percent year-on-year in July, the index's performance was broad-based, with top contributors United Bank, Fauji Fertiliser, and others collectively erasing 1,465 points.
Trading volume decreased 0.86 percent, yet traded value rose 4.99 percent to Rs50.7 billion. Cnergyico PK led in trading volume with 231.4 million shares exchanged. Experts anticipate continued volatility and targeted profit-taking until geopolitical events and oil prices stabilize.
Written by urgent.news from Dawn Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
