PSX plunges 2,006 points as Middle East tensions jolt marketBusiness

Persistent geopolitical uncertainty, along with concerns over rising oil prices and their potential impact on Pakistan’s economic outlook, kept investors on the defensive. The absence of positive catalysts further dampened sentiment, and selling pressure intensified as the session progressed.

<h2>Heavyweight stocks drag the market</h2> Engro Holdings, United Bank, Hub Power, Habib Bank, Pakistan Telecommunication Company, Lucky Cement, Fauji Fertiliser, Attock Refinery, National Bank and Pakistan Petroleum emerged as the major laggards, collectively dragging the benchmark down by about 1,151 points and intensifying the market&#8217;s downward momentum.

Ali Najib, Deputy Head of Trading at Arif Habib Ltd, said international oil prices surged amid heightened geopolitical tensions after fresh Houthi attacks in Saudi Arabia. Fears of a broader regional conflict and prolonged disruptions to Middle Eastern energy supplies weighed on investor sentiment, raising concerns over a higher energy import bill and mounting pressure on the country&#8217;s external account.

<h2>Bank results on the corporate front</h2> On the corporate front, key banks announced their 9MCY26 results, with Habib Bank, Meezan Bank and MCB Bank reporting earnings per share of Rs36.84, Rs41.02 and Rs37.26, respectively.

Investor participation remained moderate, with total trading volume dipping 3.37 per cent to 367 million shares and turnover falling 15.42 per cent to Rs17.9 billion. Pakistan Refinery led the volume charts with 25.8 million shares.

Analysts expect the market to remain sensitive to geopolitical developments and international oil price movements, with investors likely to stay cautious until greater clarity emerges.

Earlier in the week, the finance ministry had said Pakistan had procured enough energy supplies to last through November and was planning for the winter months, even as attacks on Gulf energy infrastructure posed risks to the country&#8217;s economic outlook. Market watchers said that assurance had done little to calm nerves on Thursday, as crude prices continued to climb and regional shipping routes stayed under threat.