Selling grips Pakistan Stock Exchange amid US-Iran tensions
Selling pressure continued unabated at the Pakistan Stock Exchange (PSX) on Friday amid escalating geopolitical tensions in the Middle East, reported 24News HD TV Channel.
At Friday prayers break, the PSX’s benchmark KSE-100 Index was hovering at 167,000.45, down by 2,172.92 points or 1.30%.
Selling was observed in key sectors, including automobile assemblers, cement, commercial banks, fertilizer, oil and gas exploration companies and power generation. Index-heavy stocks including HUBCO, MARI, OGDC, PPL, FFC, UBL and HBL traded in the red.
Earlier, Iran flaunted its tightened grip over the key Strait of Hormuz with a video of commandos in a speedboat storming a huge cargo ship, while US President Donald Trump said he had ordered the Navy to “shoot and kill” Iranian boats laying mines in the strait, and step up demining activity.
Trump’s comments came just days after he said he would indefinitely extend what had been a two-week ceasefire with Iran to allow for further peace talks.
The sustained decline has resulted in billions of rupees in losses for investors, raising concerns about short-term market stability.
However, analysts suggest that the market’s direction in the coming days will largely depend on geopolitical developments and economic indicators.
On Thursday, bears dominated the PSX as investors stayed cautious amid prevailing uncertainty and awaited clearer signals on geopolitical developments.
The benchmark KSE-100 Index declined by 2,406 points or 1.40%, to close at 169,173.38 points.
Reporter: Basim Iftikhar