KARACHI: The Pakistan Stock Exchange (PSX) remained under selling pressure for the second straight session on Tuesday, as elevated oil prices stemming from the ongoing Middle East conflict and political instability following the imposition of governor`s rule and emergency in Khyber Pakhtunkhwa continued to fuel uncertainty and doubts about macroeconomic stability amid an upward spiral in inflationary pressures.

Topline Securities Ltd said the benchmark KSE100 index extended its decline, shedding 814.44 points, or 0.49 per cent, to close at 165,151.64 amid cautious investor sentiment and lingering macroeconomic and geopolitical concerns. The benchmarkremained volatile throughout the session, trading within an intraday range of 165,111166,425, as selling pressure continued to weigh on overall market performance.

Attock Refiner, Engro Holdings, Systems Ltd,Habib Bank, and Hub Power led the index`s decline, collectively dragging the benchmark down by about 348 points.

Weakness in these key stocks further reinforced the prevailing bearish sentiment.

Ali Najib, Deputy Headof Trading at Arif Habib Ltd, noted that the market opened positively, reaching an intraday high of 166,426 before reversing and touching a low of 165,111.

Rising international oil prices weighed on investor sentiment, promptinga cautious trading approach and pushing the index lower throughout the session.

On the corporate front, Attock Group companies announced their 1QFY27 results. Pakistan Oilfield reported a profit after tax of Rs8.2bn (EPS:Rs28.86), up 51pc year-onyear, while Attock Petroleum`s earnings rose 74pc year-on-year to Rs6.64bn (EPS: Rs53.36), supported by higher petroleum prices, inventory gains and improved other income.

Meanwhile, Attock Refinery reported a sharp 13-fold year-on-year increase in net profit to Rs18.6bn, up from Rs1.45bn in the same period last year.

Market activity improved slightly, with trading volume rising 20.46pc to 446.84 million shares and totalturnover slightly dipping 0.69pc to Rs19.3bn.

Cnergyico PK topped the volume chart with 46.5m shares.

Analysts say the market may remain volatile amid rising oil prices and political uncert ainty.

Cautious sentiment and selective buying could support a recovery, while investors should prioritise fundamentally strong stocks and monitor geopolitical developments.