PSX wobbles as Hormuz uncertainty persists

The index moved between the intra-day high of 171,126.52 and low of 170,120.50.Brent crude prices rebounded more than 3% in Asian trading after US President Donald Trump rejected an Iranian proposal aimed at resolving the conflict and reopening the Strait of Hormuz, which kept tensions in the Middle East elevated.

Consequently, the benchmark index lost 339.60 points, or 0.20%, and settled at 170,425.62.According to Arif Habib Limited (AHL) Deputy Head of Trading Ali Najib, the PSX experienced another range-bound trading session, when the KSE-100 index slid 340 points (-0.20%).Investor sentiment remained fragile throughout the session as persistent geopolitical uncertainty kept market participants on the sidelines, particularly following media reports that the US president had rejected an Iranian ceasefire proposal regarding….

However, the gains were offset by selling pressure in UBL, HBL, Lucky Cement, Engro Holdings and Mari Energies, which pulled the index down by 321 points."Going forward, the market is expected to remain volatile, with selective buying if geopolitical tensions ease and oil prices move down.

High energy prices, external-sector risks and the IMF review will be the key factors influencing market direction," Najib wrote.KTrade Securities mentioned that it was a cautious session marked by selective buying and broad-based selling.

KSE-100 volumes stood at 139 million shares.

Technology and select refinery stocks showed strength, while commercial banks and cement firms remained under pressure.TRG, FFC, OGDC and Attock Refinery provided support to the index, whereas UBL, HBL, Lucky Cement and Engro Holdings were among the key drags.

The divergence between technology and refinery names and index-heavy sectors reflected a selective approach from investors amid macro and geopolitical uncertainty.Oil prices continued to move higher over escalating tensions around the Strait of Hormuz and Red Sea.

"Going forward, the sentiment is likely to remain sensitive to oil movements and geopolitical developments, while selective interest may continue in refineries and other stocks benefiting from the elevated oil prices," KTrade added.Overall trading volumes decreased to 421 million shares compared with Friday's total of 483 million.

The value of traded shares stood at Rs17.7 billion.In the ready market, shares of 496 companies were traded.

Of these, 181 stocks rise, 267 fell and 48 remained unchanged.Cnergyico Pk was the volume leader with trading in 61.6 million shares, rising Rs0.14 to close at Rs13.32.

Foreign investors sold shares worth Rs99.2 million, the National Clearing Company reported.

PSX wobbles as Hormuz uncertainty persists Updated 1 minute ago KSE-100 index sheds 340 points, settles at 170,425.62.