Stocks fall below 175,000 on geopolitical tensions
KARACHI: Escalation in US military attacks and Iranian retaliation pushed oil prices higher, fuelling global economic uncertainty, especially in Pakistan, which relies on energy imports via the Strait of Hormuz, triggering panic-selling that dragged the benchmark index below the 175,000 barrier as hopes dimmed for any end to the conflict, exerting cost pressures amid an upsurge in inflation.…
The KSE-100 index in Pakistan fell below the 175,000 mark due to escalating US military attacks on Iran and Iranian counterattacks, leading to heightened oil prices and global economic uncertainty. This caused panic selling and weighed on investor sentiment. The index closed at 174,776.60, down 1,690.40 points or 0.96 percent, following a trading range of 175,841 to 174,562.
Major draggers included Meezan Bank, United Bank, Pakistan Petroleum, Fauji Fertiliser, and Lucky Cement, while Engro Fertiliser, Thal Ltd, and Askari Bank offered some support. The overall market sentiment remained bearish amid renewed geopolitical tensions and the sharp rise in international oil prices. Pakistan plans to raise $2 billion through a Eurobond to repay loans to Saudi Arabia or China, but investor participation remained weak, with trading volume down 22.21 percent and turnover value falling 14.83 percent.
Analysts anticipate profit-taking and stock-specific fluctuations during the earnings season, with geopolitical events and oil prices remaining key market influences.
Written by urgent.news from Dawn Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
