KARACHI: Pakistan’s stock market closed lower during the business week, with the benchmark KSE-100 Index declining 0.7% to 180,105 points.
On a weekly basis, the index shed 1,325 points, with analysts attributing the decline mainly to tensions between the United States and Iran and uncertainty surrounding the Strait of Hormuz.
Brent crude oil prices also remained a key concern for investors, rising above $90 per barrel during the week before easing to around $86 per barrel.
Despite the overall decline, average daily trading volume increased 13% week-on-week to 1.1 billion shares, indicating improved investor participation.
Analysts said positive external and economic developments provided some support to investor confidence, while strong corporate earnings also helped limit the market’s losses.
The oil and gas exploration, oil marketing, banking and fertilizer sectors showed positive trends, while power generation and cement stocks remained under pressure. The automobile sector remained largely neutral.
Analysts expect cautious sentiment to prevail in the stock market in the near term, with crude oil prices and geopolitical developments likely to remain key factors determining market direction
More read, Pakistan to establish 50-acre auto processing zone at Port Qasim
Earlier, Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry announced Wednesday that Pakistan plans to establish an automotive processing zone on 150 acres at Port Qasim, Karachi, with the facility to be expanded in phases according to market demand.
The decision was made during a meeting attended by Port Qasim Authority Chairman Rear Admiral (Retd) Syed Moazzam Ilyas and members of the PQA Board, according to an official statement.
The minister said the auto zone would be expanded in phases after completion of the first phase, enabling the project to grow in line with market demand.
