The PSX opened sharply lower as Middle East hostilities escalated.
KARACHI – The Pakistan Stock Exchange opened on a negative note on Wednesday as the latest exchange of airstrikes between the US and Iran escalated tensions in the region.
The KSE-100 index fell 1,089 points in the opening session to 169,932 points against the previous close of 1,71,021.77.
Oil prices rose on Wednesday, building on gains from the previous day, after Iran’s missile attacks on Kuwait and Bahrain sparked renewed tensions in the Middle East. Meanwhile, there has been no progress in the talks between Iran and the US.
Brent crude futures were up 81 cents, or 0.8 percent, at $96.81 a barrel by 0330 GMT. U.S. West Texas Intermediate (WTI) crude was up 91 cents, or 1.0 percent, at $94.67 a barrel.
A day earlier, the benchmark KSE-100 index rebounded, gaining 421.57 points or 0.25%, to close at 171,021.77, up from 170,600.20 in the previous session, according to PSX data.
A total volume of 550.79 million shares were exchanged in the trading session, with a total value of Rs 27.444 billion, slightly lower than Monday’s 589.76 million shares worth Rs 31.984 billion. Market capitalization rose to Rs 18.940 trillion from Rs 18.876 trillion a day earlier.
Of the 488 active stocks in the ready market, 221 recorded gains, 226 declined, and 41 remained flat by the close of trading.
The post PSX opens sharply lower as Middle East hostilities escalate appeared first on Daily Pakistan English News.
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