PSX Plunges Over 2,000 Points Amid Middle East Tensions and Oil Price Hikes
The Pakistan Stock Exchange (PSX) faced significant selling pressure on Tuesday due to renewed Middle East tensions, rising oil prices, and concerns over prolonged energy supply disruptions.
The benchmark KSE-100 Index plummeted by over 1,000 points in early trading but recovered some losses around 11:50 am. However, the index continued to slide, losing approximately 2,013 points from that level and hitting an intraday low of 178,488.91 at around 1:00 pm.
The decline was widespread, with major sectors such as automobile assemblers, cement companies, commercial banks, oil and gas exploration firms, oil marketing companies, and power generators experiencing significant selling pressure.
The market's downturn came a day after the KSE-100 posted a modest gain. On Monday, the index rose 397.83 points, or 0.22%, to close at 180,502.45 points, supported by gains in refinery stocks following reports of a multi-billion-dollar refinery modernisation and expansion programme.