Crude oil hits $98 globally, Indian stocks tumble, PSX continues upward momentum

Karachi / New York (Web Desk): A sudden surge of 3% in global crude oil prices has created turbulence in stock markets across the world.

While major Asian economies are experiencing significant pressure due to rising oil costs, the Pakistan Stock Exchange (PSX) has continued its upward momentum, reaching a record-breaking level.

In the international market, prices of WTI crude and Brent crude surged sharply to $98 per barrel, marking a notable increase that analysts attribute to potential supply disruptions and geopolitical tensions.

The sudden spike has raised concerns over rising import costs for oil-dependent economies and the possibility of inflationary pressures worldwide.

Asian markets reacted negatively to the oil price surge. In India, the benchmark index dropped by more than 1.5%, reflecting investor concern over rising energy costs. South Korea’s KOSPI index fell by 1.61%, while Japan’s Nikkei and Hong Kong’s Hang Seng indices declined by 0.53% each, signaling widespread market unease in the region.

Contrary to the global downturn, the PSX demonstrated exceptional investor confidence. The benchmark 100-index soared to an all-time high of 166,518 points, reflecting strong market sentiment and sustained investor trust.

Analysts attribute this record performance to Pakistan’s improving economic indicators, stable monetary policies, and increased participation by both local and foreign investors.

Experts note that while global markets remain volatile due to oil price fluctuations, the PSX’s resilience highlights Pakistan’s unique market dynamics.

The surge also underscores the growing appeal of the country’s stock market as an investment destination, even amid regional and global economic uncertainties.

This performance places the PSX among the top-performing markets globally, distinguishing it from other major Asian exchanges currently struggling under the pressure of rising energy costs and geopolitical risks.

Investors remain optimistic that the market’s upward trajectory could continue, provided domestic economic stability is maintained.