KARACHI: The Pakistan Stock Exchange (PSX) opened the week on a bearish note as elevated oil prices, amid a stalemate in US-Iran talks to end the war, continued to push up energy import costs, adding to inflationary pressures and fuelling uncertainty about the economic outlook.

Topline Securities Ltd said the KSE-100 index traded range-bound, closing at 170,425.62 points, down 339.60 points, or 0.20 per cent. The index traded between an intraday high of 171,126.52 and a low of 170,120.50.

The session maintained a risk-off tone, with investors cautious amid renewed geopolitical uncertainty and elevated international oil prices. Brent crude rose above $106 per barrel, heightening concerns about inflationary pressures and the domestic external account.

TRG Pakistan Ltd, Fauji Fertiliser, Oil and Gas Development Company, Attock Refinery, and Hub Power were the major contributors to the index, collectively adding approximately 265 points. By contrast, United Bank, Habib Bank, and Lucky Cement were the leading drags, collectively shaving around 235 points from the benchmark.

Ali Najib, Deputy Head of Trading at Arif Habib Ltd, said investor sentiment remained fragile throughout the session, as persistent geopolitical uncertainty kept market participants on the sidelines, particularly after media reports that US President Trump rejected an Iranian ceasefire proposal regarding the Strait of Hormuz and declined to comment on potential post-midterm military actions.

Investor participation weakened as trading volume dipped 12.78pc to 421 million shares and turnover value fell 8.02pc to Rs17.7 billion. Cnergyico PK led the volume chart with 61.5 million shares.

Analysts expect the market to remain volatile, with selective buying likely if geopolitical tensions ease and oil prices trend lower.

However, elevated energy prices, external sector risks, and the ongoing IMF review will remain key factors shaping market direction.

Published in Dawn, September 29th, 2026