Selling pressure continued at the Pakistan Stock Exchange (PSX) on Wednesday as renewed tensions in the Middle East weighed on investor sentiment and pushed the benchmark KSE-100 Index lower.
At around 10:35 am, the KSE-100 Index stood at 172,268.78 points, down 373.38 points, or 0.22 percent, during early trading.
Selling pressure was visible across several key sectors, including automobile assemblers, cement, commercial banks, fertiliser companies, and oil marketing companies (OMCs).
Major stocks including MARI, PSO, HBL, MCB, NBP, and UBL also traded in negative territory.
The market had already faced significant pressure during Tuesday’s session amid rising US-Iran tensions and higher global oil prices.
The KSE-100 Index declined 993.92 points, or 0.57 percent, to close at 172,642.16 points.
The continued weakness reflects growing investor concerns over the potential economic impact of the escalating Middle East conflict, particularly through higher energy prices and increased market volatility.
Global markets also remained cautious as Brent crude prices moved closer to $100 per barrel amid intensifying fighting in the Middle East.
Brent crude futures gained $1.57 to reach $99.49 per barrel, marking their highest level since late June. Meanwhile, West Texas Intermediate (WTI) crude rose $1.60 to $94.63 per barrel.
Oil prices have risen for four consecutive sessions as concerns over potential disruptions to global energy supplies increased.
Investors are also awaiting key US consumer price data, which could provide fresh signals about inflation and influence expectations for US monetary policy.
The conflict escalated further on Tuesday, with Iranian-backed Houthis in Yemen reportedly attacking several Saudi cities. US forces subsequently targeted Iranian oil tankers, while Iran also launched an attack on a US base in Jordan.
The widening conflict has raised concerns among investors about further disruptions to energy markets and the broader global economy.
Asian stock markets delivered mixed performances. Sydney shares declined around 0.3 percent, while Hong Kong’s Hang Seng Index fell 0.6 percent. Mainland Chinese blue-chip stocks, however, gained 0.2 percent.
Technology stocks provided support to some regional markets. Japan’s Nikkei Index rose 0.6 percent after falling 1.7 percent on Tuesday, while South Korea’s KOSPI advanced 1.6 percent and Taiwan’s TAIEX gained 0.6 percent.
In the United States, the Philadelphia Semiconductor Index climbed 1.3 percent overnight. However, all three major Wall Street indexes ended Tuesday’s session lower.
S&P 500 futures later edged up 0.1 percent after the benchmark index declined 0.6 percent in the previous session.
The PSX is likely to remain sensitive to developments in the Middle East, global oil prices, and broader international market sentiment as investors assess the potential impact of the ongoing conflict on Pakistan’s economy and corporate earnings.
