Selling pressure was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index shedding over 1,400 points during the opening minutes of trading on Friday. At 9:50am, the benchmark index was hovering at 159,810.06 , a decrease of 1,400.61 points or 0.87%. Selling was observed in key sectors, including automobile assemblers, cement, commercial banks, fertilisers, oil and gas exploration companies, power generation and refinery. Index-heavy stocks, including HUBCO, MARI, POL, PPL, MCB, MEBL, NBP and UBL, traded in the red. On Thursday , PSX witnessed one of its most powerful rallies in recent sessions, as the benchmark KSE-100 Index surged by more than 5,400 points in a sweeping show. The benchmark KSE-100 Index closed at 161,210.68 points, registering a sharp gain of 5,433.46 points or 3.49%. Globally, Asian stocks fell on Friday and were headed for their sharpest weekly drop in six years, while oil prices were poised for their biggest jump in three years in a turbulent week for global markets as the conflict in the Middle East showed few signs of easing. Investors sought the safety of cash as they sobered up to the fact that the US-Israel war on Iran could drag on longer than initially anticipated. They also moved to price in more hawkish rate expectations from major central banks, spooked by the prospect of a resurgence in inflation if the spike in energy prices persists. Yields on US Treasuries have shot up some 18 basis points this week, their most in nearly a year, while the dollar was set for its largest weekly gain in 16 months. The war has thus far had the biggest impact on oil prices, with Brent crude futures now trading around $83 per barrel, having been as low as $69 just about a week ago. US crude shot up to a 20-month high earlier this week. Both are set to clock a rise of more than 15% for the week, their largest since February 2022. MSCI’s broadest index of Asia-Pacific shares outside Japan last traded 0.4% lower and was set to fall 6.6% for the week, which would mark its steepest weekly drop since March 2020. Japan’s Nikkei was down 0.5% and on track for a 6.5% weekly loss, while South Korea’s Kospi was also headed for its largest weekly fall in six years with a 10.5% slide. The market rout this week sent even high-flying technology stocks and indexes such as the Kospi tumbling, as investors scrambled to book profits to cover losses elsewhere. This is an intra-day update