AI-linked Asian stocks slump after top lab CEOs call for slowing down technology’s development

The Pakistan Stock Exchange (PSX) came under pressure on Friday as investors opted to book profits after the market’s recent gains. The benchmark KSE-100 Index fell sharply during early trading, reflecting cautious investor sentiment amid rising global oil prices and uncertainty over developments surrounding the Strait of Hormuz. The index dropped 771.05 points, or 0.42%, to 181,005.54 by 9:39am. Selling was reported across several major sectors, putting pressure on the overall market. By noon, the KSE-100 had recovered some of its losses and was trading at 181,326.54 points, down 450.05 points, or 0.25%, from Thursday’s close of 181,776.59. During the session, the index moved between an intraday high of 181,647.27 and a low of 180,620.08 points. Trading activity remained moderate, with around 146.05 million shares changing hands. The total value of traded shares stood at approximately Rs10.06 billion. Selling was visible in several heavyweight sectors, including automobile assemblers, cement companies, commercial banks, fertiliser firms, oil and gas exploration companies and oil marketing companies. Market sentiment was also affected by the continued rise in international crude prices. Investors remained cautious over possible disruptions to energy supplies amid tensions surrounding the Strait of Hormuz. Analysts attributed the decline largely to profit-taking following the market’s recent strong performance. Investors appeared reluctant to make fresh aggressive positions while global oil prices and geopolitical risks remained elevated. Despite Friday’s decline, the KSE-100 remained above the 181,000-point level, indicating that the broader market continued to retain much of its recent gains.

Pakistan’s Ambassador to the United States Rizwan Saeed Sheikh has held a series of meetings with senior officials, business leaders and members of the Pakistani-American community during his visit to California. The ambassador discussed ways to expand economic and commercial cooperation between Pakistan and the US state. He said developing stronger economic, trade and educational links with California was among Pakistan’s key priorities. Sheikh highlighted the potential for cooperation in sectors including modern technology and agriculture. He said both sides should focus on creating more opportunities for investment, business partnerships and the exchange of expertise. The ambassador also engaged with representatives of the American business community and investors. He encouraged them to examine Pakistan’s growing investment potential and explore opportunities for launching business ventures in the country. Sheikh said stronger links between Pakistani and American businesses could help increase trade and create new avenues for economic cooperation. He also highlighted the importance of educational connections between Pakistan and California. According to the ambassador, greater interaction between educational institutions, professionals and technology sectors could contribute to knowledge sharing and long-term cooperation. During his meetings with Pakistani-Americans, Sheikh praised their contribution to strengthening relations between Pakistan and the United States. He said the community had played an important role in promoting cultural understanding, local trade and people-to-people contacts. The ambassador said Pakistani-Americans could further contribute by building stronger business and cultural connections between the two countries. The meetings were part of Pakistan’s efforts to deepen engagement with California’s government, business sector and Pakistani-American community.