The Pakistan Stock Exchange (PSX) continued to witness selling pressure amid geopolitical tensions in the Middle East with the benchmark KSE-100 Index dropping over 1,500 points in the morning trading on Thursday.
At 11:12am, the benchmark index was trading at 180,064.52, a decline of 1,564.84 points or 0.86%.
Selling pressure was witnessed across key sectors, including oil and gas exploration companies, oil marketing companies (OMCs), power generation, and refineries. Several index-heavy stocks, such as HUBCO, MARI, OGDC, PPL, PAEL, and UBL, traded in negative territory.
On Thursday, the Pakistan Stock Exchange (PSX) recorded one of its sharpest single-day declines as heightened geopolitical tensions in the Middle East triggered widespread panic selling. Investors moved to cut their market exposure following fresh US strikes on Iran and growing fears of a wider regional conflict, which sent global oil prices significantly higher.
The benchmark KSE-100 Index fell by 4,626.18 points, or 2.48%, to settle at 181,629.37 points.
Meanwhile, oil prices climbed on Thursday after the United States launched fresh strikes on Iran, weakening hopes for a resolution to the conflict and the full reopening of the Strait of Hormuz, a vital shipping route that carried around one-fifth of global oil supplies before the war.
Brent crude futures gained 78 cents, or 1%, to $78.80 a barrel by 0054 GMT, while U.S. West Texas Intermediate (WTI) crude rose 74 cents, or 1.01%, to $74.26 a barrel.
