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KARACHI: Pakistan Stock Exchange (PSX) remained under pressure on Wednesday as escalating military confrontation between the United States and Iran and a sharp rise in global oil prices dampened investor sentiment, sending the benchmark KSE-100 Index down by nearly 700 points.
The KSE-100 Index closed at 171,943.59 points, shedding 698.57 points, or 0.40 percent, as investors remained cautious amid mounting concerns over possible disruptions to crude supplies from the Middle East.
Global oil prices climbed towards $100 a barrel as renewed US-Iran hostilities intensified fears of prolonged supply disruptions from the oil-rich region, adding to uncertainty across financial markets.
The benchmark remained volatile throughout the session, moving within a range of 1,372.52 points. It touched an intraday high of 173,174.18, gaining 532.02 points, before selling pressure dragged it to a low of 171,801.66, down 840.50 points.
Trading volume in KSE-100 constituents stood at 158.72 million shares. Of the 100 index companies, 28 advanced, 69 declined and three closed unchanged.
Among the major laggards, BWCL fell 2.47 percent, SHFA 2.23 percent, SSGC 2.18 percent, CHCC 2.15 percent and SRVI 2.14 percent.
On the positive side, PSEL surged 10 percent, followed by NPL with a gain of 3.62 percent, LCI 3.51 percent, SAZEW 1.46 percent and PABC 1.38 percent.
In terms of index-point contribution, FFC was the biggest drag, knocking 136.62 points off the benchmark, followed by MCB with 91.74 points, LUCK 67.45 points, MEBL 62.86 points and MARI 50.47 points.
Conversely, PSEL provided the strongest support by adding 107.08 points, while UBL contributed 91.03 points, OGDC 26.07 points, LCI 24.78 points and SAZEW 19.38 points.
Sector-wise, commercial banks led the decline with a negative contribution of 203.06 points, followed by cement at 191.35 points, fertilizer at 170.84 points, technology and communication at 51.58 points, and oil and gas exploration companies at 48.13 points.
The losses were partially offset by gains in miscellaneous companies, which added 99.03 points, chemicals 26.12 points, automobile assemblers 20.10 points, textile composite 8.21 points, and power generation and distribution 7.53 points.
The broader market also remained bearish, with the All-Share Index closing at 104,321.40 points, down 337.01 points or 0.32 percent.
Overall market activity slowed considerably. Total traded volume declined to 477.67 million shares, compared with 722.62 million shares in the previous session, while traded value dropped by Rs5.31 billion to Rs22.64 billion.
A total of 333,438 trades were executed in shares of 492 companies. Of these, 162 companies closed higher, 293 ended in the red, while 37 remained unchanged.

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KARACHI: The PML-N-led federal government is facing growing political and public pressure over rising petroleum prices, the continued burden of taxes and levies, governance concerns and controversial political decisions, raising questions about its ability to maintain public confidence amid mounting economic pressures.
The latest increase in petroleum prices has added to concerns among consumers already struggling with high electricity bills, transportation costs and prices of essential commodities. While international oil-market volatility has contributed to domestic fuel price pressures, critics argue that the government could provide greater relief by reducing petroleum levies and other taxes instead of passing much of the burden on to consumers.
The impact of expensive petrol and diesel extends far beyond motorists. Higher fuel costs feed directly into transportation, agriculture, industrial production and distribution expenses, eventually translating into higher prices for consumers.
The government maintains that fiscal constraints and commitments under Pakistan’s economic programme limit its room for major tax reductions. However, businesses, political opponents and other critics have increasingly questioned why ordinary consumers should continue to shoulder a disproportionate share of fiscal adjustment while demanding greater austerity and expenditure control from the government itself.
Governance and political decision-making have also attracted criticism, particularly over perceptions of favouritism and the manner in which important positions are filled.
The recent election of Barrister Syed Iftikhar Ali Gillani as Prime Minister of Azad Jammu and Kashmir has emerged as one such controversy. Gillani had lost his territorial constituency in the recent AJK general election before subsequently returning to the Legislative Assembly through a reserved technocrat seat. He was later nominated by the PML-N leadership for the premiership and secured 30 votes against 14 received by PPP candidate Sardar Mukhtar Ahmed Abbasi in the Assembly election.
The nomination had also generated reservations within the PML-N’s own AJK ranks. Shah Ghulam Qadir, the party’s regional president and an earlier contender for the premiership, opposed Gillani’s nomination and stayed away from his election as leader of the house and subsequent swearing-in ceremony, although he later attended the oath-taking of the new cabinet.
The episode has prompted debate over the political message conveyed by elevating a politician who lost a directly contested constituency but subsequently entered the legislature on a reserved seat. Critics have contrasted the decision with the PML-N’s longstanding political slogan of “Vote Ko Izzat Do”, arguing that the party should demonstrate greater sensitivity towards the spirit of a direct electoral mandate.
For the federal government, however, the more immediate challenge remains economic.
Ordinary households judge economic performance less through macroeconomic indicators than through their monthly expenses. Fuel prices, electricity bills, food costs, employment opportunities and disposable incomes remain central to public perceptions of government performance.
Political observers believe the government will need to address this widening disconnect through tangible relief measures, greater transparency in decision-making, stricter control over unnecessary expenditure and a visible commitment to merit-based governance.
With economic pressures continuing and political controversies adding to public discontent, the PML-N leadership faces an increasingly important challenge: to translate claims of economic stability into relief that ordinary citizens can actually feel and to rebuild confidence through transparent and responsive governance.

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