The Pakistan Stock Exchange (PSX) remained under the hammer during Friday’s early trading as geopolitical tremors continued to fuel panic selling, eroding the benchmark KSE-100 Index by over 2,000 points by midday.

After plunging nearly 2,400 points in the previous session, the benchmark index failed to find stability. Data from the PSX showed the KSE-100 hovering near the 167,000 level midday, a sharp decline of 2,011 points or 1.19%.

Investors resorted to a risk-off strategy amid the escalating deadlock between the United States and Iran, with fears of supply disruptions rattling global commodity markets.

Read: PSX down 2,406 points amid risk-off mood

The selling spree remained indiscriminate, engulfing heavyweights in banking, fertilisers, and oil and gas exploration. Key laggards included HUBCO, MARI, OGDC, and UBL, all of which traded deep in the red.

While analysts suggest the index is entering a support zone, the lack of clarity on the diplomatic front regarding the Strait of Hormuz continues to cast a long shadow over investor sentiment.

On Friday, the benchmark KSE-100 index came under selling pressure, plunging more than 2,400 points as a risk-off sentiment gripped the stock market amid geopolitical uncertainty and weak investor confidence.

By the close of trading, the index dropped to near 169,175, with broad-based declines across key sectors and heavyweights dragging the market lower despite some late-session buying at attractive valuations. The KSE-100 posted a significant decline of 2,405.93 points, or 1.40%, and ended the day at 169,173.38.

Arif Habib Limited (AHL) noted that the Pakistan Stock Exchange (PSX) experienced a bearish session as the KSE-100 index fell by 1.40%. The market faced significant pressure throughout the day, driven by declining shares, where only 18 stocks rose against 82 losers.

Major index drags included FFC (-1.94%), UBL (-1.99%) and Meezan Bank (-2.32%). This downturn brought the week-to-date return to -2.7%, pushing the index into a support zone between 165k and 170k, where some late demand began to emerge. Total traded value for the day stood at Rs30.8 billion ($110.6 million).