PSX closes at 166,409 as oil surge triggers sell-off

After a 4,800-point recovery, the Karachi bourse closed near the day’s low as Brent topped $116 a barrel and investors booked profits on Friday.

The PSX index fell 784.19 points, or 0.47%, to close at 166,409 on Friday.

The drop ended a four-session recovery of about 4,800 points, with heavy profit-taking.

Brent crude rose above $116 a barrel amid Hormuz tanker attacks and strikes on Saudi refineries.

United Bank, Lucky Cement, Habib Bank, Fatima Fertiliser and Attock Refinery cut the index by 359 points.

Finance Division projected October inflation at 9.5%–10.5%; diesel was Rs400.67 and petrol Rs377.91 a litre.

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