PSX: KSE-100 sheds over 800 points

The KSE-100 Index experienced a significant drop of over 800 points in the early trading session on Friday, as investors remained cautious due to reports of the US sending additional troops and carriers to the Middle East. By 11:52am, the index stood at 167,817.38, marking a decline of 819.47 points or 0.49%. Key sectors such as automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, and power generation saw selling activity.

Index-heavy stocks including ARL, HUBCO, PSO, SSGC, HBL, NBP, and UBL were among those trading in the red. Profit-taking and widespread selling across banks, exploration and production companies, cement, and oil marketing companies contributed to the sharp decline in the PSX. The index had shed 1,332.47 points, or 0.78%, to close at 168,636.85 points earlier in the day.

Globally, Asian shares faced a decline on Friday as investors dealt with fluctuating bond and currency markets ahead of crucial US jobs data. A rise in military activity in the Gulf also kept oil prices elevated. MSCI's Asia-Pacific index outside Japan fell by 0.5% and was set for a weekly decline of 1.7%. Japan's Nikkei dropped 0.7% but was expected to gain 3.1% for the week.

Chinese markets were closed for a public holiday through the following Wednesday. Futures for the Nasdaq rose by 0.3%, and S&P 500 futures increased by 0.1% following a drop in Treasury yields, which helped Wall Street stage a late rebound. The focus was now on the upcoming US nonfarm payrolls report, with forecasts anticipating a rise of 90,000 jobs in September and a steady employment rate of 4.1%.

Attention would also be on hourly earnings after the ISM survey revealed a significant increase in prices paid, indicating further cost pressures. This update is an intraday report.