PSX: Selling continues, KSE-100 sheds nearly 2,600 points

Business Recorder reported that selling pressure carried on at the Pakistan Stock Exchange on Friday, with the KSE-100 falling more than 1.5 per cent in the opening minutes. By 9:50am the index stood at 166,273.27, a decline of 2,591.77 points or 1.53 per cent. Heavy selling spread across several sectors, and large index stocks including HUBCO, OGDC, PPL, MCB and UBL were trading lower.

The slide followed a steep fall on Thursday, when the benchmark closed 3,078.56 points lower, or 1.79 per cent, at 168,865.04. Investors reacted to renewed attacks between the US and Iran and a sharp rise in global crude prices, which intensified worries about inflation, the external balance and overall macroeconomic stability.

Globally, Brent crude traded at $109.97 a barrel, its strongest level in four months, after a 6 per cent overnight jump, and has risen nearly 13 per cent over the week. Bond yields climbed to fresh highs and Asian shares fell as higher oil prices fed inflation fears. Flows through the Strait of Hormuz remain restricted, and Houthi forces took over the Yemeni port of Mocha, raising concern about Saudi crude shipments in the Red Sea.