PSX Closing Bell: Red Caps the Session

Mettis Link News reported that the KSE-100 index closed Wednesday at 174,776.59, a decline of 1,690.40 points or 0.96 per cent. Sell-offs in banks, cement makers and oil and gas exploration names dragged the index lower. Intraday, the index peaked at 175,841.83 and bottomed at 174,562.87, with 261.56 million shares changing hands.

Rising tensions between the US and Iran unsettled traders, who worried about energy supplies and vessel movement through the Strait of Hormuz. Swings in crude prices also reduced appetite for risk. Only 18 of the 100 index companies closed higher, while 82 ended lower.

Among the stocks that weighed most on the index were MEBL, UBL, PPL, FFC and LUCK, with GAL, HCAR and SRVI among the steepest percentage losers. On the upside, EFERT added the most points, followed by THALL, AKBL, ENGROH and DCR, while PGLC led gainers with a 10.01 per cent rise. The All-Share Index finished at 106,113.04, a loss of 1,065.46 points or 0.99 per cent, on total volume of 610.18 million shares.