PSX: KSE-100 settles nearly 500 points lower

The KSE-100 index closed lower on Friday at 168,155.49, a drop of 481.36 points or 0.29%, as Pakistan Stock Exchange traders stayed wary of reports that Washington is moving extra troops and carriers into the Middle East. Early selling pulled the index as low as 167,685.42 before it recovered to 168,854.46 during the latter part of trading. Sellers returned near the close, however, and the index slid back toward the 168,000 level.

Business Recorder reported that Thursday's session had been weaker, with profit-taking and selling across banks, oil and gas explorers, cement makers and fuel marketers leaving the index 1,332.47 points lower at 168,636.85, or down 0.78%. The report also linked the drop to elevated crude prices and ongoing geopolitical tension, which had soured sentiment and erased gains that briefly lifted the index above 170,000 points.

Asian shares slipped on Friday as traders weighed sharp moves in bond and currency markets ahead of US payroll data, while a growing military presence in the Gulf continued to keep crude costs high. MSCI's broadest Asia-Pacific index excluding Japan lost 0.5% and was heading for a 1.7% weekly drop, while Japan's Nikkei slipped 0.7% yet was poised for a 3.1% rise over the week. Forecasts point to 90,000 new jobs in September, with the employment rate expected to hold at 4.1%.