PSX wobbles as Hormuz uncertainty persists

The Pakistan Stock Exchange lost momentum on Monday, with doubts over a US-Iran diplomatic deal keeping investors cautious. The KSE-100 first rose more than 270 points before profit-taking reversed the move, with the index trading between 170,120.50 and 171,126.52, according to The Express Tribune. Oil prices jumped more than 3% in Asian trade after US President Donald Trump turned down an Iranian plan to reopen the Strait of Hormuz.

The benchmark ended at 170,425.62, down 339.60 points or 0.20%, on volume of 421 million shares, versus 483 million on Friday. Of 496 companies traded, 181 advanced, 267 declined and 48 were unchanged, with a traded value of Rs17.7 billion. TRG Pakistan, Fauji Fertiliser, OGDC, Attock Refinery and Hub Power together added 264 points, while UBL, HBL, Lucky Cement, Engro Holdings and Mari Energies pulled the index down 321 points.

Ali Najib of Arif Habib said the market would stay volatile, with stock picking possible if tensions subside and crude prices decline. KTrade said investor mood will hinge on oil price swings and geopolitical news. Cnergyico led trading volume with 61.6 million shares and gained Rs0.14 to end at Rs13.32, while foreign investors were net sellers of Rs99.2 million, according to the National Clearing Company.