KSE-100 Index Drops Over 700 Points on Selling Pressure

The Pakistan Stock Exchange (PSX) came under selling pressure on Monday as tensions in the Middle East increased. The benchmark KSE-100 Index fell by more than 700 points.

The KSE-100 Index closed at 176,975.67 points, down 720.83 points or 0.41%.

Selling was seen in major sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, oil marketing companies and power generation. Major stocks such as MARI, PPL, UBL, NBP and HUBCO also closed in negative territory.

Last week, the PSX remained mostly range-bound. The KSE-100 Index gained 530 points, or 0.3%, to close at 177,696.52 points.

Investor sentiment remained cautious due to the ongoing US-Iran tensions and uncertainty over efforts to reopen the Strait of Hormuz.

Meanwhile, oil prices rose by more than 2% on Monday following the US attack on an Iranian island in the Strait of Hormuz and Iran’s retaliation.

Brent crude futures increased by 2.51% to $90.31 per barrel, while US West Texas Intermediate (WTI) crude rose 2.19% to $85.23 per barrel.