PSX dips 1,464 points on oil jitters

The Express Tribune reported that the Pakistan Stock Exchange slipped for a second consecutive session on Tuesday, with the KSE-100 falling 1,464 points, or 0.81 per cent. The decline came as crude prices rose sharply and hopes faded for a US-Iran agreement that would reopen the Strait of Hormuz. The benchmark closed at 179,846.68, below the 180,000 level, after an intra-day peak of 181,017.29.

Market participants linked the fall to worries over oil supplies and the economic cost of expensive energy, while institutions took profits at higher levels. Brent crude hovered around $90 a barrel as prospects of a near-term agreement dimmed. Sector-wise, cement, fertiliser, investment banks and oil and gas stocks faced selling pressure as concerns about margins and inflation resurfaced.

Arif Habib Limited's Ali Najib said the market opened positively before rising oil prices dragged it lower, and he expected the index to stay choppy yet largely confined to a range. Fauji Cement posted FY26 net earnings of Rs16.2 billion, or Rs6.6 per share, up 21 per cent year on year, in line with estimates, and announced a final cash dividend of Rs1.5 per share. Trading volume fell to 860.3 million shares from 917.3 million on Monday, with shares worth Rs38.9 billion changing hands.