Sentiment reversed at the Pakistan Stock Exchange (PSX) on Wednesday as the KSE-100 index opened in negative territory and remained in the red, with selling pressure spreading across major sectors amid weaker oil prices and lingering Middle East supply disruptions. The benchmark KSE-100 index lost 1,370.52 points, or 0.81%, to close at 168,021.80. It had lost 394.15 points, or 0.23%, at 9:33am, when it stood at 168,998.17. The index traded between a high of 169,382.01 and a low of 167,849.70 during the session. Automobile assemblers, cement companies, commercial banks, oil and gas exploration companies and oil marketing companies remained under pressure, weighing on the benchmark. Meanwhile, oil prices retreated on Wednesday after a two-day rally following an unexpectedly large build-up in US crude inventories, while supply disruptions in the Middle East continued to linger across Asian markets. Ahmed Sheraz of KTrade Securities wrote that the index closed at 168,021 points, down 1,370 points or 0.81% day-on-day as selling pressure remained dominant across the market. The decline was largely broad-based, led by commercial banks, fertilisers, and cement stocks, while Fauji Fertiliser, National Bank, Engro Holdings, Habib Bank, Lucky Cement, and Bank Al Falah were among the major contributors to the downside. Read: Policy rate status quo triggers PSX rebound Despite the State Bank of Pakistan (SBP) maintaining the policy rate at 11.50%, persistent external and inflationary pressures continue to weigh on investor sentiment. Meanwhile, oil prices continue to remain elevated, with Brent trading around $108/bbl and at times moving above $109. Until there is greater clarity on the disruptions around the Strait of Hormuz and Red Sea shipping routes, sustained market strength is likely to remain challenging. With elevated oil prices adding to inflationary and macroeconomic risks, a cautious approach remains warranted in the near term, Sheraz predicted. Overall, trading volume decreased to 356.1million shares from 372million a day ago. The value of traded shares stood at Rs19.4billion. In the ready market, shares of 496 were traded. Of these 121 stocks closed higher, 320 fell and 55 remained unchanged.  WorldCall Telecom was the volume leader with trading in 40million shares, losing Rs0.04 to close at Rs1.02.