KARACHI: The Pakistan Stock Exchange suffered a sharp decline on Thursday, October 22, as concerns over Middle East tensions and higher international oil prices weighed on investor confidence.
The benchmark KSE-100 index lost 2,006.67 points, or 1.21%, to close at 163,924.32, slipping below the 164,000-point mark.
The index had reached an intraday high of 166,180.32 before sustained selling pushed shares lower during the session.
Brokerage analysts linked the decline to geopolitical uncertainty and concerns that further increases in global oil prices could affect Pakistan’s economic outlook.
Higher international petroleum prices can place pressure on Pakistan’s import bill and raise costs for businesses and consumers.
Major companies contributing to the benchmark’s decline included Engro Holdings, United Bank Limited, Hub Power Company, Habib Bank Limited and PTCL.
According to market data, trading volume reached approximately 367.09 million shares, compared with 379.91 million shares in the previous session.
The value of shares traded was approximately Rs18 billion.
Across the broader market, 355 companies recorded declines, while 101 advanced and 38 closed unchanged.
The losses followed a stronger session on Wednesday, when the KSE-100 had gained 779.34 points amid optimism about diplomatic developments.
Thursday’s reversal highlighted the sensitivity of Pakistan’s equity market to international energy prices and regional security developments.
Investors will be watching oil-market movements and further geopolitical developments for indications of whether the selling pressure will continue.