Pak-Iran tensions sink share prices at Pakistan Stock Exchange

The worsening tensions at the joint border between Pakistan and Iran impacted the buyers at the Pakistan Stock Exchange (PSX) on Thursday with the benchmark KSE-100 index nosediving by over 1,000 points, reported 24NewsHD TV channel.

At midday, the share prices were able to recover some of the losses reducing the margin to 413 points with the index trading at 63,147.

Negativity was witnessed across-the-board with index-heavy sectors including cement, chemical, commercial banks, fertilizer, oil and gas exploration companies, OMCs and power generation trading in the red.

Selling pressure comes as tensions between neighbouring Pakistan and Iran rose to spook investors, said experts.

According to the PSX website, the KSE-100 index lost around 1038 points at 10:08 am. At 10:31am, the index lost 770.12 points cumulatively to reach 62,797.21, down 1.21 percent from the previous close of 63,567.33.

Reporter Ayyaz Rana