Pakistan Stock Exchange Plunges 555 Points Amid Market Downturn
PSX Falls Amid Gulf Tensions; Global Markets Struggle
Pakistan Stock Exchange – (Web Desk) – The Pakistan Stock Exchange (PSX) had another shaky session on Friday. The KSE-100 Index fell by 555 points as tensions in the Gulf weighed on the market.
The index started the day positively, climbing to about 155,002 points, showing early buying interest. But the rise didn’t last. Selling pressure grew, and the market slowly moved down.
By late morning, the index dropped sharply to 152,780 points, as investors took profits and stayed cautious. At the end of the day, it closed at 153,866.16 points, down 555.27 points, or 0.36%.
The market recovered slightly after the drop but stayed under pressure, moving sideways with small ups and downs.
The day followed Thursday’s trend, with investors remaining careful. Ongoing conflicts in the Middle East and uncertainty in global energy markets kept trading cautious across most sectors.
The KSE-100 Index closed in negative territory at 154,421.43 points, down 1,437.05 points or 0.92%.
Internationally, Asian stocks slumped on Friday, poised for a second straight weekly decline as fast-dwindling hopes of a resolution to the US and Israel’s war with Iran kept oil prices aloft, casting a shadow over global markets and spurring inflation fears.
The US dollar has become the safe-haven of choice during the tumult, putting most other currencies under pressure.
The dollar was set for a second consecutive week of gains and is up 2% since the war broke out at the end of February.
Oil prices remained close to the closely watched $100 per barrel level, although they eased a bit in early trading on Friday after US issued a 30-day license for countries to buy Russian oil and petroleum products currently stranded at sea.
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Brent futures were last at $99.85 a barrel, while West Texas Intermediate crude was at $95.05 a barrel.
Japan’s Nikkei fell 1.3%, while tech-heavy South Korean stocks slid nearly 2% and Taiwan equities fell 1%.
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