PSX: KSE-100 down over 400 points amid US-Iran conflict
Selling pressure was observed at the Pakistan Stock Exchange (PSX) amid escalating tensions in the Middle East, with the benchmark KSE-100 Index shedding over 400 points during the opening minutes of trading on Monday. At 9:40am, the benchmark index was hovering at 177,242.03, down by 454.47 points or 0.26%. Selling was observed in key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks, including HBL, MCB, MEBL, MARI, OGDC, PPL, PSO and HUBCO, traded in the red. During the previous week, PSX remained range-bound with the benchmark KSE-100 Index gaining 530 points, or 0.3%, as the continued US-Iran deadlock and uncertainty over efforts to reopen the Strait of Hormuz kept investor sentiment cautious. The KSE-100 Index closed at 177,696.52 points. Internationally, share markets slipped on Monday in Asia as fresh fighting broke out between the United States and Iran, lifting oil prices, while bond yields stayed elevated after investors narrowed the odds on a US rate hike. Brent futures climbed 1.4% to $89.38 a barrel after US forces struck two of Iran’s launchers on its island of Larak o
Selling pressure was observed at the Pakistan Stock Exchange (PSX) amid escalating tensions in the Middle East, with the benchmark KSE-100 Index shedding over 400 points during the opening minutes of trading on Monday. At 9:40am, the benchmark index was hovering at 177,242.03, down by 454.47 points or 0.26%. Selling was observed in key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks, including HBL, MCB, MEBL, MARI, OGDC, PPL, PSO and HUBCO, traded in the red. During the previous week, PSX remained range-bound with the benchmark KSE-100 Index gaining 530 points, or 0.3%, as the continued US-Iran deadlock and uncertainty over efforts to reopen the Strait of Hormuz kept investor sentiment cautious. The KSE-100 Index closed at 177,696.52 points. Internationally, share markets slipped on Monday in Asia as fresh fighting broke out between the United States and Iran, lifting oil prices, while bond yields stayed elevated after investors narrowed the odds on a US rate hike. Brent futures climbed 1.4% to $89.38 a barrel after US forces struck two of Iran’s launchers on its island of Larak o
