PSX loses 1,332 points in sharp sell-off

Meanwhile, oil prices rose around 2% during the session after China suspended oil product exports, tightening global fuel markets already facing supply constraints, while investors continued to assess diplomatic efforts to end the US-Iran war.

On the domestic front, Pakistan’s inflation slowed to 10.26% in September from 11.1% in August primarily led by food prices, but remained above the State Bank’s medium-term target range. The market had opened on a positive note, with the KSE-100 reaching 170,270.16, up 300.84 points, or 0.18%, at 10:15am, before losing ground as the session progressed.

Read:PSX surrenders early gains, closes 369 points higher. Muhammad Awais Ashraf of AKD Securities assessed that easing inflationary pressures amid strong external account position, along with a reduction in domestic political noise would strengthen investor confidence.

Any positive development on US-Iran war would serve as a key positive trigger, while the normalisation of trade flows from GCC would reduce severity of the ongoing crisis. “We advise investors to remain in banks, Exploration &Productions, fertiliser, textile, OMCs, technology, steel and automobile sectors.

Within these, E&Ps and OMCs are positioned to benefit from resolution of gas sector circular debt,” Ashraf wrote. Cumulatively, trading volume stood at 548.3 million shares, down from 591.2 million on Wednesday. In the ready market, 121 companies advanced, 323 declined and 48 remained unchanged.

Kohinoor Spining was the volume leader with trading in 93.8million shares, rising Rs0.11 to close at Rs5.84