Staff Report
ISLAMABAD: The Pakistan Stock Exchange (PSX) experienced a notable decline on Friday, with the KSE-100 index falling by 1,949.56 points, closing at 122,143.56 amid escalating geo-political tensions that followed Israel’s attack on Iran earlier today.
The KSE 100 Index ended the day’s session registering a decline of 1.57%.
The index recorded a high at 123,058.06 points during the day, while the low reached 121,604.59.
Trading volume stood at 238,192,304 shares, with a total value of 19,718,824,728. The index had previously closed at 124,093.12.
Israel launched an attack on Iran today targeting the country’s nuclear facilities under the pretext of preventing Tehran from developing atomic weapons.
The attack, that killed Iranian nuclear scientists and targetted the top 20 military commanders, was carried out despite Iran’s long-standing insistence that its nuclear-related activity is for peaceful purposes.
Israel, which is believed to be the only nuclear armed state in the Middle East, has declared a state of emergency in anticipation of retaliation by Iran.
Earlier on Thursday, the PSX saw a turbulent session, with the benchmark KSE-100 index hitting a record intra-day high of 126,718 before reversing course and closing modestly lower.
At the end of trading, the benchmark KSE-100 index lost 259.56 points, or 0.21%, and settled at 124,093.12.
The market volatility continues to reflect broader uncertainties tied to global events.
Early gains were supported by improved investor sentiment, driven by the budget announcement, robust remittances and monetary policy expectations.
However, the rally lost steam as the session progressed, with profit-taking in overheated stocks and geopolitical uncertainty surrounding the Middle East, undermining sentiment.
Arif Habib Corp MD Ahsan Mehanti stated that stocks closed under pressure on geopolitical uncertainty and post-budget profit-taking in overbought shares.
“The rout in global equities on Middle East tensions, a slump in international crude oil prices and a weak rupee on contracting exports were among the key factors behind the bearish close of the market,” he added.
JS Global analyst Mubashir Anis Naviwala said that the index hit a high of 126,718 before profit-taking dragged it down by 260 points.
The analyst advised investors to watch for key support levels and use dips to accumulate stocks with focus on fertiliser, cement and banking sectors for near-term opportunities.
