PSX drops over 16,000 points as geopolitical tensions trigger mass selling
Business
PSX suspended trading for an hour after the KSE-100 index plunged 15,071 points, down 8.97%. Meanwhile, Brent crude surged 10% to $80 amid escalating tensions following US-Israel strikes on Iran.
KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) experienced a dramatic drop on Monday, with the KSE-100 index plummeting by more than 16,000 points as escalating geopolitical tensions between Iran, Israel, and the United States triggered widespread investor panic and a massive sell-off.
The KSE-100 index fell by 16,089.17 points, closing at 151,972.99 points, marking a significant decline of 9.57% from the previous day's close of 168,062.16 points.
However, during intraday trading, the index showed some resilience, recovering 2,944.26 points to briefly reach 155,935.41 points.
Despite this brief recovery, the market ultimately remained under bearish control, reflecting continued uncertainty in the global geopolitical landscape.
Meanwhile, Brent crude jumped 10% to about $80 a barrel over the counter on Sunday, oil traders said, while analysts predicted that prices could climb as high as $100 after U.S. and Israeli strikes on Iran plunged the Middle East into a new war.
The global oil benchmark has rallied this year and reached $73 a barrel on Friday for its highest since July, buoyed by growing concern over the potential attacks that arrived a day later. Futures trading is closed over the weekend.
