The benchmark index closes at 166,409 points as investors book profits following the recent market rally, while concerns over Strait of Hormuz disruptions pressure shares.
The Pakistan Stock Exchange (PSX) remained in negative territory during the final trading session of the week, with the benchmark index declining by 0.47% to close at 166,409 points.
Market sentiment remained subdued amid rising crude oil prices and concerns over heightened tensions between the United States and Iran following the US midterm elections. Reports of attacks on oil tankers in the Strait of Hormuz further fuelled concerns about possible disruptions to global energy supplies.
The potential impact of geopolitical developments on oil prices and regional stability weighed on investor confidence, encouraging a cautious approach towards equities.
Profit-taking also contributed to the market’s decline, as investors booked gains following the recent rally driven by the September quarter financial results. The latest selling activity put additional pressure on the benchmark index.
Among the major laggards, United Bank Limited (UBL), Lucky Cement (LUCK), Habib Bank Limited (HBL), Fatima Fertiliser (FATIMA) and Attock Refinery Limited (ATRL) were the biggest negative contributors.
Together, these five stocks dragged the index down by a cumulative 359 points, reflecting broad selling pressure in key banking, cement, fertiliser and energy-related shares.
Trading activity remained active, with Cnergyico PK Limited (CNERGY) leading the market in traded value at Rs1.57 billion. Oil and Gas Development Company (OGDC) followed with Rs953 million, while Thatta Cement Company Limited (THCCL) recorded traded value of Rs794 million.
Sazgar Engineering Works Limited (SAZEW) and Pakistan State Oil (PSO) also featured among the most actively traded stocks by value, recording Rs530 million and Rs510 million, respectively.
Overall, trading volume stood at 825 million shares, while the total traded value reached Rs23 billion during the session.
The decline highlights the market’s sensitivity to international oil price movements and geopolitical developments, alongside profit-taking after recent gains. Investors are likely to monitor developments surrounding US-Iran relations, crude oil prices and corporate earnings for further direction.