PSX: KSE-100 sheds over 400 points after early gains fade

Business Recorder reported a choppy session on the Pakistan Stock Exchange on Friday, where the KSE-100 gave back more than 400 points in the latter part of trade. The index had opened firmer and touched 168,134.12 earlier in the day, but selling pressure then took hold. By 3:30pm it was trading at 167,018.11, down 423.79 points or 0.25 per cent.

Thursday had already seen the index lose 1,138.50 points, a fall of 0.68 per cent, to end at 167,441.91 after higher crude prices tied to Middle East tensions prompted widespread selling. Abroad, Asian equities were lower and headed for a second weekly loss as investors worried about energy costs, bond market turbulence and the large funding needed for AI spending. Brent was quoted near $103.70 a barrel after a rally of over 4 per cent in the previous session.

Overnight on Wall Street, technology stocks pulled benchmark indices lower after a report said OpenAI's yearly revenue pace was $20 billion short of what the firm had earlier indicated. Traders also weighed a large expected fundraising round, with SpaceX, Broadcom and Oracle reportedly set to raise billions to buy advanced AI chips. Separately, President Donald Trump said the United States would not strike Iran before the November midterm elections, yet traders were doubtful that the conflict was moving toward an end.