PSX slips as oil prices rise, Hormuz attacks rattle investors

KARACHI (Staff Report): Pakistan Stock Exchange (PSX) closed in negative territory on Wednesday as investors remained cautious amid volatile trading, with renewed concerns over Middle East tensions and rising international oil prices weighing on market sentiment.

The benchmark KSE-100 Index declined 251 points, or around 0.14 percent, to settle at 179,084 points.

The market witnessed considerable volatility during the session, with the index touching an intraday high of 180,769 points before retreating to a low of 178,642 points, reflecting cautious investor behaviour amid external uncertainties.

Investor sentiment remained under pressure as international oil prices rebounded following renewed attacks on commercial shipping in and around the Strait of Hormuz, raising concerns over potential disruptions to global energy supplies.

Brent crude futures gained around 1.95 percent to trade over $93.27 per barrel on Wednesday, recovering from two-month lows recorded in the previous session. The renewed price increase followed reports of tanker attacks and heightened security risks along key Gulf shipping routes.

The developments have revived concerns over the geopolitical risks surrounding energy supplies, particularly through the Strait of Hormuz, a critical route for global oil shipments.

Despite the benchmark’s decline, trading activity remained substantial. A total of 1.25 billion shares, worth approximately Rs41.81 billion, changed hands during the session.

Out of 567 companies traded, share prices of 255 companies advanced, while 215 declined, indicating mixed market participation despite the negative close.

The session reflected the sensitivity of local equities to developments in international energy markets and geopolitical conditions, as investors continued to assess the potential implications of rising crude prices for Pakistan’s import-dependent economy.