PSX dips on oil price pressure, budget caution

The Pakistan Stock Exchange witnessed a volatile session on Thursday, as the benchmark KSE-100 Index lost 778 points, or 0.65 per cent, to close at 119,153. The market remained in consolidation mode, with investors showing caution ahead of the upcoming federal budget. The day began on a strong note, with the index climbing to an intraday high of 120,699 — up 768 points — fuelled by continued optimism and speculative buying in the early session. However, the gains were short-lived as profit-taking set in during the second half, dragging the index to a low of 119,062 before settling near its session bottom. The decline was primarily driven by falling global oil prices, which exerted downward pressure on oil-related stocks, according to Topline Research. Key laggards included Engro Holdings Limited, Lucky Cement, Pakistan Petroleum Limited, Pakistan State Oil and Hub Power Company, which collectively shaved off 537 points from the index. On the other hand, Systems Limited, TPL REIT Fund 1, Airlink Communication, Rafhan Maize Products, and Highnoon Laboratories were among the top positive contributors, adding a combined 258 points.