KSE-100 Index Falls Nearly 1,000 Points Amid Middle East Tensions

Selling pressure remained strong at the Pakistan Stock Exchange (PSX) on Tuesday as concerns over a prolonged conflict in the Middle East increased. The pressure came after Iran threatened to retaliate against any new US attacks on its assets. The benchmark KSE-100 Index fell nearly 1,000 points.

The KSE-100 Index started trading around 173,500 and reached an intraday high of 173,736.19. However, selling increased around noon and pushed the index lower during the afternoon session. It reached an intraday low of 171,490.

The market recovered somewhat in the final hours and moved back towards 173,000, but it could not recover all of its losses.

At the close, the KSE-100 Index settled at 172,642.16, down 993.91 points, or 0.57%.

On Monday, the PSX also faced heavy selling pressure as major sectors recorded losses. Investors remained cautious, while selling was seen in commercial banks, oil and gas, and cement stocks.

The KSE-100 Index fell 1,692.74 points, or 0.97%, to close at 173,636.08 points.

In global markets, the yen strengthened on Tuesday, while Asian markets moved cautiously. Mixed regional economic data and fresh Iranian threats in the Persian Gulf pushed oil prices and bond yields higher.

Japan’s Nikkei 225 moved between gains and losses before ending 0.2% higher. The yen rose as much as 0.6% to 153.51, its strongest level since February 18.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.2%, supported by a 1.2% rise in the KOSPI.

S&P 500 e-mini futures fell 0.1% following a US holiday on Monday.

Oil prices also rose for a third straight day as trading resumed in Asia. Brent crude futures increased 0.04% to $97.04 a barrel after reaching a six-week high on Monday.

Oil prices were supported by Iran’s threat to retaliate against any new attacks by targeting energy infrastructure across the Gulf, including US oil and gas interests.