KARACHI:
Pakistan Stock Exchange (PSX) came under renewed selling pressure on Tuesday, with the benchmark KSE-100 index losing 1,920.49 points, or 1.11%, to reach 171,715.58 during midday trading at around 1:19pm as uncertainty over the rapidly evolving Middle East conflict continued to weigh on investor sentiment.
The index had opened on a weak note, declining 111.16 points, or 0.06%, to 173,524.91 at 9:34am. Index could recover briefly around 10.04am by 91.71 points. However, selling pressure intensified as the session progressed, with the index touching an intraday high of 173,736.19 and a low of 172,015.26.
The weakness was broad-based, with key sectors including automobile assemblers, cement, commercial banks and oil marketing companies coming under pressure.
Investor sentiment remained fragile as Iran continued to resist US attacks, raising concerns that the conflict may persist and further disrupt regional stability and global markets.
Read: PSX drops 1,693 points on geopolitical worries
Meanwhile, tensions mounted further following reports that Houthis attacked energy facilities and cities in US ally Saudi Arabia on Tuesday, with more than 70 people reportedly wounded. The development heightened fears that the Iran conflict could expand into a wider regional war.
The escalation has kept investors cautious, particularly amid concerns over its potential impact on oil prices, regional trade and Pakistan’s external account.
At midday, trading activity remained active, with 128.64 million shares changing hands, while the traded value stood at approximately Rs7.94 billion.
The KSE-100 had closed at 173,636.07 in the previous session.
With trading still underway, market direction is likely to remain sensitive to developments on the geopolitical front, particularly any fresh escalation involving Iran, the United States and other regional actors.
