The Pakistan Stock Exchange (PSX) witnessed another volatile trading session on Thursday, with the benchmark KSE-100 Index plunging more than 1,400 points during intraday trading before recovering part of its losses later in the day.
The market remained under pressure as escalating tensions between Iran and the United States, coupled with surging global oil prices, dampened investor sentiment.
According to PSX data, the KSE-100 Index opened sharply lower, falling over 900 points within minutes of the opening bell. Selling intensified during the session, pushing the index to an intraday low of 174,612.14 points, down nearly 1,430 points by around 11:50 a.m.
Heavy selling was recorded across several key sectors, including automobile assemblers, cement, fertilizer, oil and gas exploration, oil marketing companies (OMCs), power generation, and refinery stocks.
However, the market recovered some ground in afternoon trading. By around 2:00 p.m., the KSE-100 Index had climbed back to 175,830.16 points, trimming losses to 212.82 points, or 0.12 percent, compared to the previous close.
The decline followed Wednesday’s sharp selloff, when the benchmark index lost 1,580.90 points, or 0.89 percent, to close at 176,042.99 points, marking a second consecutive session of losses.
Investor concerns have been fueled by the worsening conflict in the Middle East, which has pushed global crude oil prices higher. Brent crude rose to $92.22 per barrel, while US West Texas Intermediate (WTI) crude climbed to $84.89 per barrel, extending gains after Wednesday’s sharp rally.
Pakistan’s energy supplies remain in focus as an Aframax tanker carrying approximately 430,000 barrels of crude oil has passed through the Bab el-Mandeb Strait and is heading to Pakistan. Meanwhile, a QatarEnergy-controlled LNG vessel, Al Areesh, has exited the Strait of Hormuz and is expected to arrive at Port Qasim on July 31.
Global markets also remained volatile. Asian equities traded mixed as investors weighed the impact of rising geopolitical risks alongside uncertainty over the US Federal Reserve’s interest rate outlook. Japan’s Nikkei edged higher, while South Korea’s KOSPI continued to decline amid broader regional weakness.
