PSX sheds nearly 1,300 point amid escalating US-Iran tensions
“PSX fell 1,289 points to 175,177.56 as US-Iran tensions fueled a bearish trend, while rising oil prices and global market losses added to investor concerns. KARA…”
KKARACHI —The Pakistan Stock Exchange (PSX) witnessed a bearish trend on Wednesday after escalating tensions between the US and Iran following latest exchange of strikes. The KISE index declined by 1,289.43 points, representing a fall of 0.73 percent, to 175,177.56 points compared to previous close of 176,466.99.
The market moved between an intraday high of 175,519.88 and a low of 174,701.13. Trading volume stood at 57,010,307, while the total market value was recorded at 3,482,780,690.
Meanwhile, stocks slumped in Asian trading on Wednesday as a bond market-induced selloff on global markets spilled over into the region, after renewed attacks by the U.S. on Iran pushed oil prices higher. MSCI's broadest index of Asia-Pacific shares outside Japan (.
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MISX00000PUS), opens new tab tumbled 1.5% as South Korea's KOSPI (. KS11), opens new tab dropped more than 3%, while the Nikkei 225 (. N225), opens new tab was down 2.6%.
S&P 500 e-mini futures were down 0.1%. Brent crude futures extended gains into a second day as trading resumed in Asia, rising 1.3% to $95.91 a barrel after the U.S. launched a barrage of airstrikes on Iran on Tuesday, which earlier pushed oil prices to a five-week high.
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