The Pakistan Stock Exchange (PSX) observed another volatile trading session on Friday, as the benchmark KSE-100 Index ended the week with a loss of 555 points amid Gulf conflict.
The KSE-100 index opened on a positive note, quickly climbing to an intra-day high of around 155,002 points, indicating strong early buying interest.
However, the momentum failed to sustain, and the market soon entered a gradual downward trajectory as selling pressure emerged.
By late morning, the benchmark dropped sharply to an intra-day low of 152,780 points, reflecting heightened profit-taking and cautious investor sentiment.
At close, the KSE-100 Index settled at 153,866.16 points, down by 555.27 points or 0.36%.
The market staged a partial recovery, following this steep fall, but remained under pressure and moved sideways with mild fluctuations during the later part of the session.
On Thursday, PSX extended its volatile streak as investor sentiment remained fragile amid persistent geopolitical tensions in the Middle East and uncertainty in global energy markets, prompting cautious trading 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.
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%.
