PSX slumps as KSE-100 loses 3,672 points amid rising oil prices

Karachi: The benchmark KSE-100 Index at the Pakistan Stock Exchange (PSX) extended its bearish trend on Thursday, shedding 3,672.08 points during intra-day trading.

The index declined by 2.21 percent to 162,151.79 points, down from 165,823.88 points recorded on the previous trading day, according to PSX data.

Market analysts attributed the sharp downturn to continued selling pressure from local mutual funds, which intensified the negative momentum. Weak corporate earnings, falling short of market expectations, further dampened investor sentiment and triggered broad-based selling.

Analysts also noted that rising global oil prices amid ongoing geopolitical tensions have kept investors cautious.

Oil prices extended their gains on Thursday over concerns that supply from the key Middle East producing region could remain constrained as diplomatic efforts to ease regional tensions have stalled.

Brent crude futures for June rose $1.91, or 1.62%, to $119.94 per barrel as of 0057 GMT, after gaining 6.1% in the previous session. The June contract, which has risen for nine consecutive days, expires on Thursday. Meanwhile, the more active July contract climbed 94 cents, or 0.85%, to $111.38 per barrel after advancing 5.8% in the previous session.

According to a White House official, U.S. President Donald Trump held talks with oil companies on Wednesday regarding measures to mitigate the impact of a potential months-long blockade of Iran’s ports, raising concerns about prolonged disruptions to global oil supplies.