PSX reverses gains as geopolitics weigh

The Pakistan Stock Exchange slumped on Thursday, with the benchmark KSE-100 closing 1,733.57 points lower, or 1.01 per cent, at 170,498.95, according to The Express Tribune. The session erased the previous day's gains as renewed Middle East tensions, higher global oil prices and profit-taking pushed investors to sell. Brent crude traded beyond the $100 mark, which intensified worries about inflation, external balances and the wider economic outlook.

In a report, Arif Habib Limited described a widespread fall that kept the index inside its July consolidation band, with only 11 stocks advancing against 87 decliners. Engro Fertilisers, HBL and Ghandhara Automobiles were the biggest supports, and on the negative side UBL, Lucky Cement and Mari Energies pulled the benchmark down the most. Topline Securities said investors locked in gains late in the day, wiping out much of the three-day rally.

Refinery stocks were not spared despite an upgrade milestone. National Refinery, Attock Refinery and Cnergyico each signed brownfield upgrade contracts with Inter State Gas Systems, linked to a modernisation effort of about $6 billion that targets Euro-V fuel output. KTrade said those shares still closed lower alongside the wider market, while trading reached roughly 760 million shares worth Rs27.5 billion, with Cnergyico the most active stock.