PSX Slumps Amid Escalating Iran-US Tensions
The Pakistan Stock Exchange (PSX) plummeted nearly 2,000 points on Tuesday as Middle East oil prices surged amid escalating tensions between Iran and the US. The KSE-100 index fell to an intraday low of 178,488.91 around 1:00 pm, with key sectors including banking, energy, and cement stocks leading the selloff.
The market opened on a bearish note, with the benchmark index plummeting over 1,000 points in early trade. However, it clawed back most of those losses by 11:50 am before selling pressure intensified sharply after the Supreme Court ordered former Prime Minister Imran Khan's transfer to hospital for medical examination.
The index shed roughly 2,013 points from that point, plunging to its intraday low. Selling was concentrated in key sectors including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, and power generation.