Pakistan Stocks plummet amid escalating Middle East tensions

KARACHI: The Pakistan Stock Exchange (PSX) on Wednesday closed on a negative note after a volatile session amid escalating tensions in the Middle East, pushing the Index down, analysts said.

The market extended its previous day’s slump, hitting an intraday low of 120,417.99 (-1,553.05 points), weighed down by escalating geopolitical tensions and volatile international oil prices. Meanwhile, government borrowing rose sharply by Rs138 billion during the week, Al Habib Capital stated.

The benchmark KSE-100 Index plunged as much as 1,553 points during intraday trade, before paring some losses to close at 120,465 – down 1,505 points, or 1.23%.

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“Geopolitical tensions and fluctuating international oil prices weighing on investor sentiment and keeping the broader market under pressure,” Ismail Iqbal Securities noted. 

The Stock market endured a lacklustre trading session, mirroring the nervous sentiment across global markets.

“Rising geopolitical tensions, particularly the escalating standoff between Iran and Israel, weighed heavily on investor confidence. The atmosphere of uncertainty prompted a risk-averse approach, leaving the market directionless for most of the day,” Topline Securities stated.

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Heavyweight counters including ENROH, PKGP, PPL, MARI, and UBL exerted significant downward pressure, collectively contributing to a 488-point decline in the index.

Overall participation remained tepid, with trading volumes recorded at 703 million shares and total market turnover reaching PKR 21 billion. WTL led the volumes chart with a standout 110 million shares exchanging hands.

In the last session, Stock market’s benchmark Index witnessed a range-bound movement, as market participants remained wary amid elevated geopolitical risks following the intensification of geo-political tensions between Israel and Iran.

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The last session witnessed profit-taking in the later part of the session pulled the KSE-100 Index down, closing at 121,971.04, a decline of 254.32 points (-0.21%).