Equities lose 721 points on oil, inflation spike

Dawn reported that the Pakistan Stock Exchange surrendered its mild weekend recovery on Monday, with the benchmark KSE-100 ending at 176,975.68. The index shed 720.83 points (0.41 per cent) as fresh US-Iran tensions drove oil higher, with Brent crude trading above $90 a barrel. Market participants were also unsettled by the possibility that supplies through the Strait of Hormuz could be disrupted.

Refinery stocks drew buying ahead of expected signings of upgradation agreements, with National Refinery and Pakistan Refinery both closed at their upper circuit limits. Attock Refinery advanced 8.44pc while Cnergyico PK climbed 7.31pc in the same session. On the other side, Habib Bank, United Bank, Systems, Lucky Cement and Pakistan Petroleum together pulled the index lower by 755 points.

Inflation pressures intensified on higher transport costs and food prices, and the report suggested the State Bank is unlikely to ease monetary policy at its upcoming review. Separately, Indus Motor posted FY26 profit after tax of Rs25.5bn and declared a Rs47 per share dividend, lifting the total for FY26 to Rs195 per share, which is a record. Volume traded rose by 42.37pc, reaching 931.7 million shares, and the value of trades hit Rs39.13bn after a 24.41pc increase.