The Pakistan Stock Exchange (PSX) opened weak on Friday. Its benchmark PSX-100 Index dropped in early trade as investors turned cautious.
By 10am, the index stood at 168,296.33 points. That marked a fall of 340.52 points, or 0.20%, from Thursday's close.
Why the Market Is Down
Investors are reacting to reports that the US is sending more troops and aircraft carriers to the Middle East. Rising tension in the region has made traders cautious across global markets, and Pakistan is no exception.
Selling hit several major sectors at the PSX. Automobile assemblers, cement, commercial banks, oil and gas exploration firms, oil marketing companies, and power generation stocks all traded lower.
Heavyweight stocks fell too, including Attock Refinery Limited (ARL), Hub Power Company (HUBCO), Pakistan State Oil (PSO), Sui Southern Gas Company (SSGC), Habib Bank Limited (HBL), National Bank of Pakistan (NBP), and United Bank Limited (UBL).
A Bigger Drop a Day Earlier
Friday's fall followed a sharper one on Thursday. The PSX-100 closed that session at 168,636.85 points, down 1,332.47 points, or 0.78%.
| Session | PSX-100 Level | Change |
|---|---|---|
| Thursday close (Oct 1) | 168,636.85 | -1,332.47 (-0.78%) |
| Friday 10am (Oct 2) | 168,296.33 | -340.52 (-0.20%) |
Thursday's decline wiped out early gains that had pushed the index above 170,000 points. Profit-taking across banks, exploration companies, cement, and oil marketing stocks drove the sell-off. High crude oil prices and Middle East uncertainty added to the pressure.
