KARACHI: The Pakistan Stock Exchange (PSX) plunged more than 1,900 points on Friday, as investor sentiment soured following Israel’s strikes on Iran, triggering fears of wider regional escalation.

The benchmark KSE-100 index fell 1,949.56 points, or 1.57 percent, closing at 122,143.56, down from the previous close of 124,093.12.

Shares traded largely in the red, mirroring losses across regional and global markets after the Israeli attacks shook investor confidence, according to a market review by Pakistani brokerage Topline Securities.

“Geopolitical tensions after Israel’s attack in Iran weighed down on world equities, including the KSE100,” Raza Jafri, Head of Intermarket Securities, told Arab News. “In particular, if a geopolitical risk premium gets added to international oil prices on a prolonged basis, it could negatively affect the outlook for the current account deficit and inflation, given more than 25 percent of Pakistan’s import bill comprises of petroleum products.”

He noted that Pakistan was now “much more disciplined” economically, having avoided fuel subsidies and refrained from using foreign exchange reserves to support the currency. This, he said, would help the country better withstand a potential oil price shock than in the past.

Ahsan Mehanti, Chief Executive of Arif Habib Commodities Ltd, said stocks declined across the board in response to the strikes.

“Slump in global equities on geopolitical risks and weakening rupee played catalyst role in panic selling at PSX,” he said.

Israel launched strikes on Iran earlier on Friday, claiming Tehran was “very close” to developing a nuclear weapon. The attacks reportedly targeted nuclear facilities, scientists, and senior military commanders.
 

ISLAMABAD: Former Pakistan captain Babar Azam has been picked by Sydney Sixers to debut in the upcoming 15th season of Australia’s Big Bash League (BBL), the club announced on Friday.

The BBL is a professional Twenty20 cricket competition in Australia that features eight city-based teams.

Launched in 2011, the league is held during the summer and features a mix of local and international players.

“The SCG [Sydney Cricket Ground] has been home to many legends. Now it’s home to the [king]. Welcome, Babar Azam,” the Sydney Sixers said in a post on X.

Azam said he was “super pumped” to join the team, highlighting that his BBL debut “will be something special.”

“Cannot wait to share the dressing room with my favorite batter Steve Smith and world class bowler Josh Hazlewood,” he was quoted saying in a video posted by BBL on X.

“So really excited and looking forward to getting over there and meeting my craziest cricket fans.”

Azam has featured in several major franchise leagues around the world.

Apart from competing in the Pakistan Super League, Azam has played for Guyana Amazon Warriors in the Caribbean Premier League, Sylhet Sixers and Rangpur Riders in the Bangladesh Premier League, and Somerset in England’s T20 Blast.