PSX KSE-100 Index Plunges Over 3,000 Points Amid US-Iran Tensions and Soaring Oil Prices
The Pakistan Stock Exchange (PSX) benchmark KSE-100 index plummeted over 3,000 points on Thursday due to escalating US-Iran tensions and soaring global oil prices. The index lost 1.79% to close at 168,865 after hitting an intraday low of 3,471 points, reflecting a broad-based risk-off sentiment across the market.
The selling pressure intensified as local institutional investors aggressively trimmed their positions amid heightened geopolitical uncertainty and fears of a prolonged disruption in global oil markets, according to Topline Securities. Market participation remained active with total traded volume reaching 628 million shares, while traded value stood at approximately Rs27 billion.
Oil futures rose as much as 1.5% to $102.72 a barrel as energy flows from the Gulf slowed sharply following the biggest wave of attacks on shipping by Iran and the United States since the start of their war. Prices for refined fuels such as heating oil and natural gas also surged, adding to inflation worries ahead of the European winter.