PSX ends lower amid lingering ME uncertainty

The Express Tribune reported that the KSE-100 index of the Pakistan Stock Exchange ended the week at 180,104, a fall of 1,325 points or 0.73%. Investor sentiment was weighed down by unresolved questions about a halt to fighting involving the United States and Iran. Daily moves were mixed, with a 1,461-point drop on Tuesday followed by a 464-point gain on Wednesday.

Arif Habib Limited expects geopolitical developments to steer the market, with earnings season results also expected to drive investor sentiment. Hubco, Lucky Cement and Systems Ltd were among the largest negative contributors to the index, while HBL, PPL and Pakistan Oilfields provided the strongest support. Power, technology and cement were the main sector drags, whereas exploration and production and refinery stocks gained.

According to the report, July remittances rose 13% year-on-year to $3.6 billion, while the budget deficit came in at Rs3,313 billion, or 2.6% of GDP. Motor spirit prices fell Rs2.64 to Rs324.98 per litre, whereas high-speed diesel rose Rs3 to Rs382.79 per litre. The rupee firmed 0.04% week-on-week against the dollar to close at Rs277.7.