PSX plunges over 2,000 points as selling pressure mounts

The Pakistan Stock Exchange (PSX) experienced a significant downturn on Thursday, with the benchmark KSE-100 Index plunging over 2,000 points (1.21%) to close at 163,924.32. This sharp decline was primarily triggered by escalating geopolitical tensions in the Middle East, specifically fresh Houthi attacks in Saudi Arabia, which led to a surge in international oil prices. Investors are concerned about the potential negative impact on Pakistan's energy import bill and external account due to higher oil costs. Despite the market's overall negative performance, some corporate results were resilient, with major banks like HBL, MEBL, and MCB reporting their 9MCY26 earnings, mostly in line with expectations. Market volatility is expected to continue amid geopolitical developments and oil price fluctuations, though strong corporate earnings and dividend payouts may offer selective support to the market.