PSX loses 2,547 points on economic uncertainty

Dawn reported heavy selling on the Pakistan Stock Exchange on Tuesday, as the benchmark KSE-100 index slipped below the 180,000-point mark. The index closed 2,546.94 points, or 1.41 per cent, lower at 177,955 after moving between 180,602 and 177,866 during the day. Topline Securities described the session as a sharp sell-off marked by broad-based selling.

Market participants linked the sell-off to higher global oil prices, which rose amid a stalemate on the Middle East conflict and an unsettled political climate. Ali Najib, Deputy Head of Trading at Arif Habib Ltd, said the market opened positively before fresh US-Iran tensions and harsh rhetoric from both sides pushed crude higher and set off profit-taking. Sentiment stayed fragile, and many investors cut positions in most major sectors, according to the brokerage.

A group of ten stocks, including United Bank, Fauji Fertiliser and Meezan Bank, together took 1,465 points off the index. Trading volume slipped 0.86 per cent to 1.03 billion shares, while traded value climbed 4.99 per cent to Rs50.7 billion. Cnergyico PK was the most traded stock, with 231.4 million shares changing hands. Separately, power demand rose 7.1 per cent year on year to 15,122MW in July, running 2.3 per cent over the July average of the past seven years.