KARACHI: PSX lost ground on Friday as investors booked profits after the market’s recent rally, while rising international oil prices and fresh concerns over developments in the Strait of Hormuz weighed on investor sentiment.

The benchmark KSE-100 Index opened under selling pressure and dropped 771.05 points, or 0.42%, to 181,005.54 by 9:39am. Broad-based selling emerged across major sectors as traders opted to lock in recent gains.

However, the market recovered some of its losses later in the session. By 12:00pm, the benchmark index stood at 181,326.54, down 450.05 points, or 0.25%, from the previous close of 181,776.59.

Pakistan-Saudi Ties Deepen as Shehbaz Sharif Meets Crown Prince Mohammed bin Salman in Makkah

Profit-Taking Weighs on Investor Sentiment

The KSE-100 Index moved within a wide range during the trading session. It touched an intraday high of 181,647.27 before falling to a low of 180,620.08.

Moreover, trading activity remained moderate as investors adopted a cautious approach. Around 146.05 million shares changed hands, while the total traded value reached Rs10.06 billion.

Analysts said investors continued to book profits after the benchmark index posted strong gains in recent sessions. At the same time, higher international oil prices and uncertainty surrounding the Strait of Hormuz encouraged traders to reduce risk exposure.

Major Sectors Lead the Decline

Selling pressure spread across several index-heavy sectors, including automobile assemblers, cement, commercial banks, fertiliser companies, oil and gas exploration firms and oil marketing companies.

Furthermore, weakness in these heavyweight sectors kept the benchmark index in negative territory despite some recovery from the day’s lowest level.

Market participants will continue to monitor global energy prices, geopolitical developments and corporate earnings for fresh direction. Consequently, analysts expect market volatility to persist as investors react to international events and economic indicators.