PSX: Selling continues, KSE-100 sheds nearly 700 points

Business Recorder reported that sellers kept the upper hand at the Pakistan Stock Exchange on Friday, with the KSE-100 slipping by close to 700 points in the first half of the session. By 12pm the benchmark stood at 168,196.21, a decline of 668.83 points or 0.40%. The slide came as geopolitical strains intensified, and it followed a heavy fall in the previous session.

Selling was concentrated in several groups, among them banks, energy explorers, power producers, carmakers and cement makers, while oil marketing firms also came under pressure. Heavyweights such as ARL, HUBCO, OGDC, PPL, POL, MARI, MCB, MEBL, NBP and UBL all traded lower. On Thursday the index had shed 3,078.56 points, or 1.79%, to close at 168,865.04 as renewed US-Iran attacks and higher crude prices fuelled worries over inflation and the external account.

Globally, fresh highs in bond yields and falling equities reflected fears that costly oil would stoke inflation and push central banks toward further tightening. Brent crude hit a four-month peak of $109.97 a barrel after a 6% overnight rise, extending its weekly gain to almost 13%. Oil supplies through the Strait of Hormuz remain restricted, and Houthi forces taking Yemen's port of Mocha has raised threats to Saudi exports across the Red Sea.