Lead

The Pakistan Stock Exchange (PSX) extended its losing streak to a fourth consecutive session on Thursday, with the benchmark KSE-100 index plunging by more than 4,700 points during intraday trading before paring some losses. The index ultimately closed at 161,036.95 points, down 4,786.92 points or 2.89 per cent from the previous close of 165,823.87 points, according to multiple reports from Dawn.

Earlier in the session, the market had dropped to an intraday low of 160,391.18 points at 11:34am, before regaining some ground to trade above the 162,000-point level after 1pm, as reported by Dawn.

Coverage Comparison

All coverage of the day's trading came from Dawn, Pakistan's leading English-language daily, which published multiple updates throughout the day. The reports were consistent in attributing the market's decline to rising global oil prices amid geopolitical tensions, as well as concerns over the domestic economic outlook and the high cost of doing business.

Intraday updates varied as the session progressed. An early report indicated the KSE-100 had declined by 2,829.70 points or 1.71 per cent to close at 162,994.17 points — a figure that appears to represent an earlier point in the session. A midday update reported the index at 162,373.89 points, down 3,449.98 points or 2.08 per cent at 2:04pm. The most substantial decline was reported later, with the index plunging by 4,786.92 points or 2.89 per cent.

Despite these different snapshots, the underlying narrative remained uniform: bears maintained control of the trading floor, and investors remained wary of both external and domestic pressures.

Key Claims

  • Market decline: The KSE-100 index fell by as much as 4,786.92 points (2.89 per cent) during intraday trading, ultimately closing at 161,036.95 points. Earlier in the day, the index was reported down by 2,829.70 points (1.71 per cent) and 3,449.98 points (2.08 per cent) at different times. The intraday low of 160,391.18 points was recorded at 11:34am.
  • Rising oil prices: Global oil prices soared more than 7 per cent to a fresh four-year high on Thursday, according to reports. Brent for June delivery surged 7.1 per cent to $126.41 per barrel in Asian trade, while West Texas Intermediate climbed 3.4 per cent to $110.31. Both later pared gains. This came after former US President Donald Trump warned that the US blockade of Iranian ports could last months, and reports said he would be briefed on potential fresh military strikes.
  • Investor caution: Analysts cited rising global oil prices amid geopolitical tensions as a key factor keeping investors cautious, according to Dawn.
  • Etisalat's review: Reports emerged that UAE-based telecom giant Etisalat was reviewing its exposure to Pakistan's telecom sector as part of a broader portfolio optimisation exercise, which contributed to the bearish momentum.
  • Domestic economic concerns: Trade and industry leaders have flagged concerns over the high cost of doing business, citing expensive bank borrowing following an interest rate hike, alongside elevated electricity and gas tariffs, which have weighed on economic activity. The PSX had also been under selling pressure for a third consecutive session on Wednesday, as investors stayed wary of the economic outlook and corporate earnings disappointed expectations.

Perspectives

From the perspective of market analysts, the decline was driven by a combination of external shocks — specifically the surge in oil prices due to geopolitical tensions — and domestic structural issues such as high borrowing costs and energy tariffs. The reports suggest that investors are reacting to a deteriorating economic outlook, with corporate earnings failing to meet expectations. The Etisalat news added to the negative sentiment, as it signaled potential foreign disinvestment from Pakistan's telecom sector.

No alternative viewpoints were presented in the coverage, and all reports from Dawn consistently attributed the market's fall to these factors.