KSE-100 Sheds 814 Points to Close at 165,152 as Oil Price Jitters Rattle PSX
The KSE-100 sheds 814 points on Tuesday, closing lower after a topsy-turvy session at the Pakistan Stock Exchange. The benchmark index swung between gains and losses before broad-based selling dragged it down 814.44 points to 165,151.64.
The index touched an intraday high of 166,425.56 and a low of 165,111.14, eventually settling 0.49 per cent below the previous close of 165,966.08, the Express Tribune reported.
The session opened in positive territory, with buying in automobile assemblers, cement, commercial banks, oil and gas exploration companies and oil marketing companies. Sentiment stayed fragile, however, and the repeated swings failed to establish a sustained upward direction. The benchmark was still marginally higher at midday, but selling pressure intensified in the afternoon and pulled it close to the session’s low by the close.
KSE-100 sheds 814 points: what drove the fall
Persistent jitters kept investors on edge as a broad-based sell-off overshadowed intermittent buying in key sectors. Internationally, oil prices advanced, with Brent crude hovering around a five-month high as traders priced in a geopolitical risk premium following Houthi attacks on Saudi infrastructure and reports of vessel attacks in the Gulf.
KTrade Securities wrote in its market wrap that the KSE-100 declined 814 points (down 0.5 per cent) to 165,152 amid cautious investor sentiment and subdued trading volumes of 144 million shares. The brokerage expects the market to remain range-bound, with near-term direction depending on global oil prices, geopolitical developments and corporate earnings.
Weakness was broad-based, led by commercial banks, technology, refineries and power. Attock Refinery, Systems Limited, Habib Bank, Hub Power and Fauji Fertiliser were the largest stock-specific drags. Brent crude remained elevated at $109 per barrel, reinforcing macroeconomic uncertainty and weighing on risk appetite.
Cumulatively, trading volume rose to 446.8 million shares, up from 370.9 million a day earlier. Of the 499 companies traded, 128 advanced, 324 declined and 47 remained unchanged. Cnergyico PK was the volume leader with 46.6 million shares traded, falling Rs0.47 to close at Rs12.41.
Two rough sessions in a row
Tuesday’s fall follows Monday’s 454-point dip, when investors also struggled to find direction. Across the two sessions, the benchmark has now given up more than 1,260 points, underlining how quickly sentiment has turned.
The back-to-back declines come against a mixed economic backdrop. The current account deficit widened in the first quarter, while foreign direct investment picked up in September. For equity investors, though, the near-term story is oil and geopolitics: with Brent near $110, fuel costs, inflation expectations and the rupee all face pressure, and that keeps buyers on the sidelines.
A sustained recovery in trading volumes remains critical to broadening market participation and supporting a durable recovery, KTrade said.
Frequently asked questions
How much did the KSE-100 fall on Tuesday?
The benchmark closed at 165,151.64, down 814.44 points or 0.49 per cent from the previous close of 165,966.08.
What caused the PSX decline?
Rising international oil prices and regional tensions unsettled investors. Brent crude stayed near a five-month high above $109, and selling was broad-based across banks, technology, refineries and power stocks.
Which stocks dragged the index down?
Attock Refinery, Systems Limited, Habib Bank, Hub Power and Fauji Fertiliser were the largest stock-specific drags, according to the market wrap.
What is the outlook for the PSX?
KTrade Securities expects the market to stay range-bound amid cautious sentiment, with direction depending on global oil prices, geopolitical developments and corporate earnings.
