PSX plunges over 1,500 points on Middle East tensions, budget woes
The Pakistan Stock Exchange closed sharply lower on Monday, with the benchmark KSE-100 Index falling more than 1,500 points as escalating Middle East tensions and pre-budget uncertainty triggered heavy selling across all major sectors.
The KSE-100 settled at 168,953.71, down 1,525 points from the previous close of 170,478.94. During intraday trading, the index tumbled as much as 2,046 points.
Commercial banks, cement, oil and gas exploration, fertilizer, and technology stocks led the decline. Major negative contributors included United Bank Ltd, Engro Corporation, Habib Bank Ltd, Fauji Fertilizer Company, and Pakistan Petroleum Ltd.
Investor sentiment was rattled after Brent crude futures jumped more than $3 to $96.24 per barrel, following renewed military exchanges between Israel and Iran. Fears over regional stability and potential energy supply disruptions weighed heavily on the market.
Of 494 companies traded, 336 closed lower, 116 advanced, and 42 remained unchanged. Total trading volume in the KSE-100 stood at 137.85 million shares.
The market extended losses from the previous week, when the KSE-100 had shed nearly 3,500 points.