KARACHI: The KSE-100 fell as much as 2,226.56 points, or 1.3%, to an intraday low of 169,512.88 on Friday as geopolitical and oil-supply concerns weighed on sentiment.
The Pakistan Stock Exchange benchmark reached an intraday high of 171,208.55, still 530.89 points, or 0.31%, below the previous close, according to the supplied market report.
The index entered Friday’s session after losing 2,690.48 points, or 1.54%, on Thursday to close at 171,739.44. Official PSX data placed Thursday’s session low at 171,655.09 and trading volume at 242.21 million shares.
The supplied report linked the selling pressure to renewed US-Iran hostilities, attacks on tankers in the Red Sea, and fears that higher energy costs could intensify inflationary pressures.
Read: Brent Weekly Gain Hits 13.5% as Red Sea Risk Grows
Brent crude settled at USD 100.69 a barrel on Thursday, gaining 7% and closing above USD 100 for the first time since May. West Texas Intermediate rose 6.2% to USD 92.19.
Oil-supply concerns intensified after Yemen’s Iran-aligned Houthis claimed attacks on two Saudi tankers in the Red Sea, while the United States completed a 13th consecutive night of strikes against Iran.
