PSX loses over 1,700 points as caution returns

Pakistan equities closed lower on Thursday after a session that turned sharply in the second half. According to the Express Tribune, the benchmark KSE-100 index lost 1,733.6 points, or 1.01 percent, to finish at 170,499. Volume on the index stood at 315 million shares, while the All-Share Index dropped 1.08 percent to 103,103.

TechJuice reported a smaller decline, saying the index fell more than 1,100 points as investors stayed cautious over Pakistan's ongoing IMF review and unrest in the Middle East. The Express Tribune attributed the reversal to profit-taking after a rally, with Brent crude moving toward $107 a barrel keeping geopolitical and macroeconomic concerns elevated.

The market opened stronger and touched an intraday high of 172,491 before selling accelerated, according to brokerage KTrade. The index bottomed at 170,418, close to its eventual settlement. The day's range was 2,073 points. Thursday's fall reversed much of Wednesday's 830-point gain, which had been supported by hopes around US-Iran talks and the arrival of an IMF mission.

Commercial banks, cement, oil and gas exploration, power and refinery stocks led the decline. UBL was the largest point drag, subtracting about 200 points from the index, followed by LUCK, MARI, HUBC and NBP, the Express Tribune reported.

A set of refinery upgrade agreements was not enough to keep energy stocks higher. National Refinery, Attock Refinery and Cnergyico signed upgrade agreements with Inter State Gas Systems under the amended brownfield refinery policy, part of a roughly $6 billion modernisation push aimed at Euro-V fuels and lower import dependence, according to the Express Tribune. Refinery stocks still closed lower with the broader market.

The session highlighted how global oil prices and the IMF review continue to shape trading even when company-level agreements are announced, both outlets noted.