PSX loses 699 points over spreading ME war

Pakistan's benchmark equity index closed lower on Wednesday, with the KSE-100 shedding 698.56 points, or 0.40%, to finish at 171,943.60. Express Tribune reported that the index swung between a peak of 173,174.19 and a trough of 171,801.67 during the day. Heavier sell orders in the closing hours pushed the benchmark further into the red.

Geopolitics dominated sentiment, as the continuing US-Iran conflict, with attacks on military, shipping and energy assets, raised fears of wider regional instability and higher crude prices. Brent moved above $100 per barrel after an overnight escalation, while shipping through the Strait of Hormuz stayed disrupted. Market commentary identified bank, cement and fertiliser shares as the biggest drags on the benchmark.

Total activity slowed, with 477.7 million shares changing hands against 722.6 million on Tuesday, valued at Rs22.6 billion. The most traded stock was Cnergyico PK, which slipped Rs0.26 to Rs13.06 on 65.8 million shares. Market breadth was negative, with 293 of the 492 companies traded ending lower while 162 advanced and 37 finished flat. UBL, OGDC and Sazgar Engineering together lifted the index by 269 points, while FFC, MCB, Lucky Cement, Meezan Bank and Mari Energies subtracted 411 points.