The Pakistan Stock Exchange (PSX) remained subdued on Monday as investors weighed fate of the US-Iran ceasefire amid tensions at the Strait of Hormuz, reported 24NewsHD TV channel.
At 2.20 pm, the PSX’s benchmark KSE-100 Index stood at 170,803.82 points, reflecting a decline of 3,135.82 points, or minus 1.84%. However, it recovered some of the losses by the end of business, when the index stood at 172,196.70 points, down by 1,742.31 points or minus 1.01 percent.
During early trading, the market reached a high of 173,455.99 and dipped to a low of 170,625.96.
Trading activity saw a total volume of 74.4 million shares exchanged, indicating steady participation from investors.
Market analysts suggested that minor profit-taking and cautious investor sentiment contributed to the downturn.
Investors are closely monitoring global and domestic economic indicators for further direction.
In the international market, oil prices jumped, and stock futures fell on Monday as rising tension in the Middle East kept shipping in and out of the Gulf to a minimum, though traders held out hope for a resolution, and Asia's stock markets breezed toward record highs.
Brent crude futures rose about 5% to $95.16 a barrel. S&P 500 futures fell around 0.6%, and European futures fell 1.1%. But equity benchmarks in Seoul, Taipei and Tokyo shrugged off risks to advance, with Taiwan's shares touching a record high and the other two not far behind.
One of the strongest notes of caution in markets on Monday came from Australia's largest business lender, National Australia Bank (NAB.AX) which flagged a $500 million impairment charge as it expects the war to drive up bad debts.
Reporter: Kawish Memon