PSX Closing Bell: Bulls Get the Cold Shoulder

The KSE-100 index ended Thursday's session at 176,591.76, a fall of 254.60 points or 0.14 per cent, according to Mettis Global. Losses in heavyweight sectors more than cancelled out a rally in oil and gas exploration firms. Intraday, the index swung across a wide band, peaking at 178,291.37 before sliding to 176,156.56.

Commercial Banks were the largest drag at 278.14 points, while power generation and fertilizer stocks also pulled the index down. Oil and gas exploration companies contributed 223.06 points, the largest support. Sixty-one of the 100 companies in the index closed lower, against 37 that rose, and volume reached 358.03 million shares.

Ongoing unease over the U.S.-Iran conflict and the safety of shipping through the Strait of Hormuz kept sentiment cautious, while oil prices held steady in early Asian trade. In the wider market, the All-Share Index slipped 150.29 points to 107,122.44, while traded value fell to Rs30.79 billion.