KARACHI: Stocks at the bourse declined on Thursday as a sharp rise in global oil prices—triggered by escalating attacks on Gulf energy infrastructure renewed concerns over inflation and fuel costs, leading to widespread profit-taking.
The benchmark KSE-100 Index at the Pakistan Stock Exchange traded within a wide range, hitting a high of 152,698.51, down 1,593.74 points (1.03%), and a low of 150,728.17, down 3,564.08 points (2.3%), compared to the previous close of 154,292.25.
Market analysts attributed the downturn to rising geopolitical tensions in the Middle East. Ahfaz Mustafa, CEO of Ismail Iqbal Securities, said the surge in oil prices—following attacks on LNG infrastructure in Qatar—had created significant selling pressure.
He added that expectations of a fuel price hike in Pakistan, along with weakening macroeconomic indicators, further dampened investor confidence.
According to QatarEnergy, Qatar’s primary gas hub sustained extensive damage after two waves of Iranian strikes, intensifying fears of supply disruptions amid the ongoing regional conflict.
Missile strikes targeting Ras Laffan Industrial City damaged key gas-to-liquids and liquefied natural gas (LNG) facilities, sparking fires that were later brought under control. Officials confirmed no casualties, while the Ministry of Interior Qatar and defence authorities stated that the attacks involved ballistic missiles launched from Iran.
Meanwhile, Donald Trump warned Tehran against further escalation, threatening a strong response if attacks continue. He also noted that Israel had struck facilities at the South Pars gas field, though the United States had no prior knowledge of the operation.
The South Pars/North Dome field—the world’s largest known gas reserve shared between Iran and Qatar—remains critical to regional energy supplies, with a significant portion of Iran’s domestic gas output dependent on it.