The Pakistan Stock Exchange (PSX) remained under the grip of selling pressure amid geopolitical volatility and an increase in international oil prices, with the benchmark KSE-100 Index shedding over 1% on Friday.
The market opened on a weak note, with the benchmark index dipping sharply below the 149,000 level, hitting an intra-day low of 148,796.54 early in the session.
However, the decline was short-lived as strong intra-day buying emerged, pushing the market swiftly higher. The index climbed to an intra-day high of 152,103.
In the afternoon, the market saw another brief uptick, but renewed selling pressure dominated toward the end.
At close, the benchmark index settled at 150,398.71, down by 1,612.55 points or 1.06%.
“While the bleeding has slowed compared to yesterday’s panic, the combination of a record fuel price hike and escalating geopolitical tensions continues to weigh heavily on investor sentiment,” said Behtari Capital on Friday.
Topline Securities said another negative session was observed after the government’s decision to significantly increase fuel prices.
Top negative contribution to the index came from UBL, ENGROH, FFC, SYS and LUCK, as they cumulatively contributed 1,100 points to the index, it added.
On Thursday, PSX came under renewed selling pressure as negative global cues triggered broad-based liquidation, dragging benchmark indices sharply lower and eroding a significant portion of the previous session’s gains. The KSE-100 Index closed at 152,011.26 points, down 3,500.30 points (2.25%).
The federal government on Thursday hiked petrol by 43% and diesel by 55%, marking a record increase; however, a temporary three-month subsidy remains in place to safeguard the lower and middle-income groups.
Speaking at a press conference alongside Finance Minister Muhammad Aurangzeb, Petroleum Minister Ali Pervaiz Malik announced Rs137.23 per litre increase in the petrol price and Rs184.49 per litre increase in the High Speed Diesel (HSD) price following a surge in global oil prices due to the US-Israel war in Iran.
Globally, China stocks fell on Friday, and were on track to extend declines for the third consecutive week, as investors stayed cautious amid uncertainties in the Middle East ahead of a local holiday.
Hong Kong market was closed for the Easter holiday.
China’s blue-chip CSI300 Index dropped 0.6% by the lunch break, while the Shanghai Composite Index lost 0.9%.
The index was set to close the week 1.2% lower, extending declines to the third straight week after rallying 23% in 2025.
China’s onshore market will be closed on Monday for the Qingming holiday. Analysts at BOC International said markets have yet to see clear details addressing control of the Strait of Hormuz and the oil supply chain crisis, keeping concerns over crude supplies elevated.
Meanwhile, the Pakistani rupee registered marginal gain against the US dollar in the inter-bank market on Friday. At close, the local currency settled at 279.10, a gain of Re0.01, against the greenback.
Volume on the all-share index increased to 471.94 million from 352.27 million recorded in the previous close.
The value of shares rose to Rs24.64 billion from Rs19.51 billion in the previous session.
Cnergyico PK was the volume leader with 97.21 million shares, followed by WorldCall Telecom with 28.34 million shares, and Pak Refinery with 24.22 million shares.
Shares of 483 companies were traded on Friday, of which 132 registered an increase, 279 recorded a fall, and 72 remained unchanged.
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