Pakistan’s Stock Exchange (PSX) plummeted on Monday in line with the global market downturn due to escalating inflation concerns and deepening oil crisis.
The sell-off was triggered by stalled US-Iran talks, which kept the Strait of Hormuz closed and pushed oil prices above $110.91 per barrel after an attack on a nuclear power plant in the United Arab Emirates.
US President Donald Trump’s expected discussion on possible military options against Iran further eroded investor confidence.
The benchmark KSE-100 Index lost 854.84 points, or 0.52%, within minutes of trading and was hovering around 164,741.23 points at 9:39am.
Selling pressure was witnessed across major sectors including oil and gas exploration companies, cement, automobile assemblers, commercial banks, fertiliser, power generation, refineries, and oil marketing companies (OMCs).
Market data showed the KSE-100 index stood at 163,028.18 points, down 2,567.89 points or 1.55%. The index touched an intra-day high of 164,939.08 and a low of 162,971.16, with traded volume recorded at 97.57 million shares and a value of Rs6.85 billion.