PSX falls as Gulf attacks spark oil price surge
KSE-100 Index registers intraday low of 150,728.17, falling 3,564.08 points, or 2.3%
March 19, 2026
Stocks at the bourse fell on Thursday as a fresh spike in global oil prices, driven by escalating attacks on Gulf energy infrastructure, revived inflation and fuel-cost concerns and triggered profit-taking.
The Pakistan Stock Exchange's benchmark KSE-100 Index traded between a high of 152,698.51 (down 1,593.74 points, or 1.03%) and a low of 150,728.17 (down 3,564.08 points, or 2.3%) versus the previous close of 154,292.25.
"PSX is under pressure today due to increased oil prices caused by the Middle East conflict. The latest attacks on the LNG field in Qatar caused oil to spike 5%, which is creating selling pressure in the market," said Ahfaz Mustafa, CEO of Ismail Iqbal Securities.
"Expected fuel price hike, and deteriorating macros, are also weighing in on the negative sentiment," he added.
Qatar’s main gas hub suffered "extensive damage" after two waves of Iranian strikes, QatarEnergy said on Thursday, heightening supply fears as the Middle East war grinds on.
Missile attacks on Ras Laffan Industrial City damaged a gas-to-liquids facility and later sparked sizeable fires and further damage to several liquefied natural gas (LNG) facilities, though Qatar’s interior ministry said crews brought all fires under control and reported no injuries. Qatar’s defence ministry said the energy hub was hit by ballistic missiles from Iran.
US President Donald Trump warned Iran against further strikes on Qatar’s gas plant and threatened to destroy Iran’s South Pars gas field if attacks continue. Trump said Israel struck facilities at South Pars but that the United States "knew nothing" of the attack.
The South Pars/North Dome mega-field is the world's largest known gas reserve and is shared by Iran and Qatar; around 70% of Iran’s domestic natural gas comes from its portion of the field.
Supply risks also extended to Saudi Arabia. The Ras Tanura complex, one of the largest refineries in the Middle East with a capacity of 550,000 barrels per day, has been repeatedly targeted during the conflict, including an early drone strike that caused a fire and partial shutdown.
Bloomberg reported on Wednesday that operations had resumed. The International Energy Agency said Gulf output of oil and oil products has fallen from 30 million barrels per day last year (excluding Oman) to 20 million currently, while Aramco’s president warned the war could have "catastrophic consequences" for oil markets.
On Thursday, oil surged more than 5%, with Brent spiking above $112 a barrel at the peak.
On the previous session on Wednesday, the KSE-100 surged 4,276.09 points (2.85%) to close at 154,292.26 from 150,016.16, after trading between 154,684.45 and 150,284.26.
