PSX extends losses on oil, geopolitical risks

The Express Tribune reported that the benchmark KSE-100 index shed 352.63 points, or 0.21 per cent, to settle at 167,089.28 on Friday, extending its weekly slide amid geopolitical uncertainty, elevated oil prices and concerns over Pakistan's widening trade deficit. Sentiment was also dented after rising yields at the latest Pakistan Investment Bonds auction fuelled talk of a possible policy rate hike. Topline Securities described trading as range-bound, with investors staying on the sidelines.

Arif Habib's trading-floor note said EFERT, TPLRF1 and ENGROH made the largest positive contributions to the index, while HBL, UBL and MCB were the main drags. Topline added that PSO, OGDC and PPL dominated activity by value, with Cnergyico PK leading by volume at 27.28 million shares.

Overall volume in the regular market came to 309.41 million shares worth Rs15.44 billion, with 243 stocks closing higher and 203 lower. Foreign investors sold shares worth Rs19 million, according to the National Clearing Company. The note also flagged State Bank data showing foreign-exchange reserves of $26.8 billion as of October 2.