Negative sentiments prevailed at the Pakistan Stock Exchange (PSX) as the ongoing conflict in the Gulf region continued to escalate, with the benchmark KSE-100 Index ending the week down by 2.3% on Friday.
The market opened on a relatively positive note, briefly climbing to an intraday high of 161,435.83, but selling pressure quickly appeared, reversing early gains and driving the index into negative territory.
The benchmark index dropped below the 160,000 level early in the trading day and continued to trend lower through the morning, dragging the index to an intraday low of 157,072.64.
At close, the KSE-100 settled at 157,496.10, down by 3,714.57 points or 2.30%.
On Thursday, PSX witnessed one of its most powerful rallies in recent sessions, as the benchmark KSE-100 Index surged by more than 5,400 points in a sweeping show. The benchmark KSE-100 Index closed at 161,210.68 points, registering a sharp gain of 5,433.46 points or 3.49%.
Globally, Asian stocks fell on Friday and were headed for their sharpest weekly drop in six years, while oil prices were poised for their biggest jump in three years in a turbulent week for global markets as the conflict in the Middle East showed few signs of easing.
Investors sought the safety of cash as they sobered up to the fact that the US-Israel war on Iran could drag on longer than initially anticipated.
They also moved to price in more hawkish rate expectations from major central banks, spooked by the prospect of a resurgence in inflation if the spike in energy prices persists.
Yields on US Treasuries have shot up some 18 basis points this week, their most in nearly a year, while the dollar was set for its largest weekly gain in 16 months.
The war has thus far had the biggest impact on oil prices, with Brent crude futures now trading around $83 per barrel, having been as low as $69 just about a week ago.
US crude shot up to a 20-month high earlier this week.
Both are set to clock a rise of more than 15% for the week, their largest since February 2022.
MSCI’s broadest index of Asia-Pacific shares outside Japan last traded 0.4% lower and was set to fall 6.6% for the week, which would mark its steepest weekly drop since March 2020.
Japan’s Nikkei was down 0.5% and on track for a 6.5% weekly loss, while South Korea’s Kospi was also headed for its largest weekly fall in six years with a 10.5% slide.
The market rout this week sent even high-flying technology stocks and indexes such as the Kospi tumbling, as investors scrambled to book profits to cover losses elsewhere.
Negative sentiments prevailed at the Pakistan Stock Exchange (PSX) as the ongoing conflict in the Gulf region continued to escalate, with the benchmark KSE-100 Index ending the week down by 2.3% on Friday.
The market opened on a relatively positive note, briefly climbing to an intraday high of 161,435.83, but selling pressure quickly appeared, reversing early gains and driving the index into negative territory.
The benchmark index dropped below the 160,000 level early in the trading day and continued to trend lower through the morning, dragging the index to an intraday low of 157,072.64.
At close, the KSE-100 settled at 157,496.10, down by 3,714.57 points or 2.30%.
On Thursday, PSX witnessed one of its most powerful rallies in recent sessions, as the benchmark KSE-100 Index surged by more than 5,400 points in a sweeping show. The benchmark KSE-100 Index closed at 161,210.68 points, registering a sharp gain of 5,433.46 points or 3.49%.
Globally, Asian stocks fell on Friday and were headed for their sharpest weekly drop in six years, while oil prices were poised for their biggest jump in three years in a turbulent week for global markets as the conflict in the Middle East showed few signs of easing.
Investors sought the safety of cash as they sobered up to the fact that the US-Israel war on Iran could drag on longer than initially anticipated.
They also moved to price in more hawkish rate expectations from major central banks, spooked by the prospect of a resurgence in inflation if the spike in energy prices persists.
Yields on US Treasuries have shot up some 18 basis points this week, their most in nearly a year, while the dollar was set for its largest weekly gain in 16 months.
The war has thus far had the biggest impact on oil prices, with Brent crude futures now trading around $83 per barrel, having been as low as $69 just about a week ago.
US crude shot up to a 20-month high earlier this week.
Both are set to clock a rise of more than 15% for the week, their largest since February 2022.
MSCI’s broadest index of Asia-Pacific shares outside Japan last traded 0.4% lower and was set to fall 6.6% for the week, which would mark its steepest weekly drop since March 2020.
Japan’s Nikkei was down 0.5% and on track for a 6.5% weekly loss, while South Korea’s Kospi was also headed for its largest weekly fall in six years with a 10.5% slide.
The market rout this week sent even high-flying technology stocks and indexes such as the Kospi tumbling, as investors scrambled to book profits to cover losses elsewhere.
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