Heavy selling gripped the Pakistan Stock Exchange (PSX) on Tuesday as escalating tensions between the United States and Iran rattled investor sentiment, pushing the benchmark KSE-100 Index down by more than 6,000 points.
At close, the KSE-100 Index settled at 173,518.81, a decrease of 6,408.23 points, or 3.56%.
Broad-based selling was witnessed across major sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration, oil marketing companies (OMCs), and power generation. Index-heavy stocks such as MARI, OGDC, PPL, HUBCO, NBP and UBL all traded in negative territory.
The decline follows Monday’s sharp selloff, when the benchmark index dropped 2,314.73 points, or 1.27%, to close at 179,927.05, falling below the 180,000-point level as investors reacted to rising geopolitical tensions in the Middle East.
Meanwhile, global oil prices climbed to their highest level in four weeks after the United States reimposed a naval blockade on Iran and both countries intensified military activity around the Strait of Hormuz, raising concerns over potential disruptions to global energy supplies.
Brent crude futures rose $1.90, or 2.3%, to $85.20 per barrel, while US West Texas Intermediate (WTI) crude gained $1.91, or 2.4%, to trade at $80.05 per barrel.
