On Thursday, 10th October 2024, the Pakistan Stock Exchange (PSX) saw a volatile trading session. The KSE-100 Index opened with a gain of 74 points and increased by 344 points intraday. However, the index lost 244 points during the session and ultimately closed down by 216 points at 85,453. This follows a minimal gain of 5 points in the previous session. Over the last five trading sessions, the KSE-100 Index is still in a gain if a total of 2,732 points.
Oil prices were under pressure this week. Brent crude oil futures fell 1.9% to $73 per barrel on Friday, registering the biggest weekly loss since early September, with prices dropping over 7%. The decline was attributed to weaker demand forecasts from OPEC and the International Energy Agency (IEA), slowing economic growth in China, and signs of easing geopolitical tensions in the Middle East. Both OPEC and the IEA revised down their demand forecasts for 2024 and 2025. China's refinery output declined for the sixth consecutive month, impacted by weak fuel demand and the growing adoption of electric vehicles (EVs). Meanwhile, U.S. crude oil production reached a new record last week. Although a drawdown in U.S. crude inventories and stronger-than-expected retail sales in September provided some support to oil prices, easing concerns about a broader conflict in the Middle East exerted additional downward pressure on the market.