PSX slips 607.51 points as oil retreats, sector sell-off weigh on sentiment

Automobiles, cement, banks, exploration firms, OMCs come under pressure A stock broker reacts while monitoring the market on the electronic board displaying share prices during trading session at the Pakistan Stock Exchange, in Karachi on July 3, 2023. Photo: Reuters/ File Sentiment reversed at the Pakistan Stock Exchange (PSX) on Wednesday as the KSE-100 Index opened in negative territory and remained in the red, with selling pressure spreading across major sectors amid weaker oil prices and lingering Middle East supply disruptions. The benchmark fell to 168,998.17, down 394.15 points, or 0.23%, at 9:33am, before extending losses to 168,681.73, down 710.59 points, or 0.42%. It later recovered slightly to 168,784.81, down 607.51 points, or 0.36%, at 12:38pm. The index moved between an intraday high of 169,382.01 and a low of 168,334.74, while trading volume stood at 61.66 million shares and traded value reached Rs6.42 billion. Read: Policy rate status quo triggers PSX rebound The pressure came as oil prices retreated on Wednesday following an unexpectedly large build-up in United States crude inventories. However, supply disruptions in the Middle East continued to linger across Asian markets, keeping global energy markets unsettled. During the session, automobile assemblers, cement companies, commercial banks, oil and gas exploration firms and oil marketing companies came under selling pressure, weighing on the broader index. The KSE-100 had closed at 169,392.32 in the previous session.