Summary PSX slips over 2,000 points to 156,251 as Middle East tensions weigh; oil rebounds with Brent at $103.87 and WTI at $91.81 amid conflict concerns
KARACHI (Dunya News) – Pakistan Stock Exchange (PSX) turned negative on Thursday, ending its two-day gaining streak, as doubts grown over peace in the Middle East.
On the fourth trading day of the week, heavy selling pressure hit the market as KSE-100 index plunged over 2,000 points to reach 156,251 points compared to previous close of 158,313.44 points.
Meanwhile, oil rose more than $1 per barrel on Thursday, clawing back losses from the previous session, on concerns that protracted fighting in the Middle East will further disrupt energy flows.
Brent futures rose $1.65, or 1.61%, to $103.87 a barrel by 0424 GMT, while U.S. West Texas Intermediate crude futures were up $1.49, or 1.65%, at $91.81 a barrel.
Both benchmarks slumped more than 2% on Wednesday.
Iran is still reviewing a US proposal to end the war, but has no intention of holding talks to end the Middle East conflict, Iran's foreign minister said on Wednesday.
