PSX plunges over 3,000 points as oil surge sparks panic selling

Shares on the Pakistan Stock Exchange slid heavily on Thursday, with The Express Tribune reporting that fearful investors dumped holdings after a spike in global oil rates. Worries about unsettled geopolitics added to the pressure, and the selling was widespread across the board.

The KSE-100 finished the session at 168,865 points, a decline of 3,078 points or 1.8 per cent, after having dropped more than 2 per cent at one stage, according to KTrade data. Brent crude climbed to roughly USD 103 per barrel, its loftiest level since May, which fuelled worries about inflation, the external account and broader macroeconomic stability.

Trading volume stood elevated at around 261mn shares, led by CYNERGY, KEL and PIBTL. The market has now been under pressure for nearly three weeks, reflecting a persistently defensive mood among investors who continue to cut risk exposure.