Escalating tensions in the Middle East continued to affect the Pakistan Stock Exchange as the benchmark KSE-100 Index began new week on a negative note, dropping over 2,300 points on Monday.
At close, the benchmark index settled at 179,927.04, a decrease of 2,314.73 points or 1.27%.
Broad-based selling dominated trading at the Pakistan Stock Exchange (PSX), with losses recorded across major sectors including automobile assemblers, cement, commercial banks, oil and gas exploration companies, oil marketing companies (OMCs) and power generation.
Heavyweight stocks such as HUBCO, MARI, OGDC, PPL, NBP and UBL remained under pressure, weighing on the benchmark index.
The weak performance follows last week’s decline, when the PSX ended its winning streak amid renewed geopolitical tensions triggered by fresh US-Iran military strikes.
Heightened uncertainty prompted widespread selling, with the benchmark KSE-100 Index falling 1.7% week-on-week, shedding 3,130.43 points to close at 182,241.77.
Investor sentiment remained fragile as oil prices jumped more than 3% on Monday after the latest escalation between the United States and Iran renewed concerns over potential disruptions to energy supplies through the Strait of Hormuz.
Brent crude futures rose $2.67, or 3.51%, to $78.68 a barrel, while US West Texas Intermediate crude gained $2.48, or 3.47%, to $73.89, adding to concerns over inflationary pressures and their potential impact on global and domestic markets.
