The KSE-100 index of the Pakistan Stock Exchange (PSX) closed down 1,549.44 points, or 0.95 per cent, at 162,374.78 on Friday, extending losses for a second straight session. Topline Securities Ltd linked the fall to escalating tensions between the United States and Iran and a further rise in crude oil prices. The index briefly reached an intraday high of 163,987 before renewed selling pushed it back below the 163,000 level.
Ali Najib, Deputy Head of Trading at Arif Habib Ltd, said the market moved in both directions during the session. He attributed the cautious mood to persistent geopolitical uncertainty and to investors squaring their positions ahead of the weekend. The ten major laggards, including Meezan Bank, Engro Holdings and Hub Power, together erased 985 points from the benchmark.
Trading remained subdued, with 384 million shares changing hands and total turnover of Rs18bn. Pervez Ahmed Co led the volume chart with 32.6 million shares.
Website outage raises concern among investors
The PSX website had been inaccessible since the morning and was still down late at night. A message on psx.com.pk said the site was under maintenance until further notice and that it would be back 'very soon', directing users to the PSX Data Portal. Investors, who regarded the outage as a rare event, grew uneasy, but the exchange did not issue an official statement on the cause despite repeated requests for comment.
Oil, LPG and the rate decision
Higher petroleum prices and costly energy imports are adding to inflationary pressure, meaning a broad rise in the cost of goods and services. Pakistan is also facing an unprecedented surge in liquefied petroleum gas (LPG) prices amid a shortage. The State Bank of Pakistan's Monetary Policy Committee (MPC), which sets the central bank's policy rate, meets on Oct 26. The market expects a 50 basis-point increase, which is half a percentage point, and analysts expect the KSE-100 index to stay volatile between 160,000 and 168,000 points.
Timeline: what has happened so far
- Friday: The KSE-100 index closed at 162,374.78 points, its second consecutive session in the red.
- Friday: The PSX website became inaccessible in the morning and remained down until late at night.
- Oct 26 (Monday): The State Bank's Monetary Policy Committee is scheduled to meet on the policy rate.
Aasan alfaaz mein
Stock market, jise KSE-100 kehte hain, Friday ko 1,549 points gir kar 162,374 par band hua. Middle East mein tension aur tel ki barhti qeemat ne investors ko mehtaat mein daal diya hai. State Bank 26 October ko policy rate barha sakta hai, jis se loan mehnga ho sakta hai. Tel aur LPG ki qeemat ka asar ghar ke kharche par bhi pad sakta hai.
