The benchmark index of the Pakistan Stock Exchange (PSX) plummeted by over 6,000 points on Tuesday, triggered by escalating tensions in the US-Iran conflict in West Asia. Intraday trading witnessed severe declines, with the market breaching six key psychological levels simultaneously as it fell from 179,000 to 174,000 points.
According to financial analyst Kaukab Farshori, the market downturn was anticipated. He noted that global crude oil prices have surged following the resumption of hostilities in West Asia, with no immediate resolution in sight. “Investors are keen to avoid further losses,” he added.
The KSE-100 index opened lower and had dropped 3,464.89 points by 10 AM, reaching 176,462.15 from the previous close of 179,927.04. After multiple fluctuations, the index concluded the day down 6,088.03 points (3.38%), settling at 173,839.01 points. A floor broker described the atmosphere as tense, stating, “There was an eerie silence in the market as investors feared massive losses in rupee terms.”
Severe selling pressure was observed across sectors including banking, fertilizers, cement, energy, and oil & gas companies. Approximately 900 million shares worth 45.50 billion rupees were traded during the session. — PTI
