PSX: KSE-100 sheds over 800 points

Negative sentiment was observed at the Pakistan Stock Exchange (PSX) as risks of a prolonged conflict in the Middle East grew after Iran threatened to retaliate against any new US attacks on its assets, with the benchmark KSE-100 Index shedding over 800 points during the trading session on Tuesday. At 12: 30pm, the benchmark index was hovering at 172, 822. 44, a decrease of 813. 63 points or 0. 47%. Selling was observed in key sectors, including automobile assemblers, cement, commercial banks and OMCs. Index-heavy stocks, including PSO, MARI, POL, MEBL, NBP and UBL, traded in the red. On Monday, PSX came under heavy selling pressure with broad-based weakness across major sectors dragging the index down as investors remained cautious and selling intensified in commercial banks, oil and gas and cement stocks. The benchmark KSE-100 Index shed 1, 692. 74 points, or 0. 97%, to close at 173, 636. 08 points. Globally, the yen surged on Tuesday, while Asian markets struggled for direction as a mixed batch of regional economic data and fresh Iranian threats in the Persian Gulf drove oil prices and bond yields higher. Japan’s Nikkei 225 fluctuated between gains and losses before edging up 0. 2%, as the yen jumped as much as 0. 6% to 153. 51, its strongest level since February 18. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0. 2%, led by a 1. 2% gain in the KOSPI. S&P 500 e-mini futures were down 0. 1% after a holiday in the US on Monday. Oil prices moved higher for a third day as trading resumed in Asia, with Brent crude futures edging up 0. 04% to $97. 04 a barrel, after hitting a six-week high on Monday after Iran threatened to retaliate against any new attacks by targeting energy infrastructure across the Gulf, including US oil and gas interests. This is an intraday update

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