KARACHI – Pakistan Stock Exchange (PSX) slipped sharply on Monday as escalating conflict in the Middle East has left investors confused, sparking selling spree.
During intraday trading, the KSE-100 index plunged 3,793.82 points or 2.5 percent to reach 147,913.69 points with experts fearing further dip during the day.
In previous session, the benchmark index shed 1,200.45 more points, a negative change of 0.79 percent, closing at 151,707.52 points.
Out of 478 active companies in the ready market, 126 advanced, 287 declined, and 65 remained unchanged.
On the global front, oil prices surged on Monday as escalating conflict in the Middle East sparked investor concerns about a possible U.S. ground intervention. The entry of Houthi rebels into the Iran war added to fears of broader regional instability.
West Texas Intermediate crude rose 3.0 percent, reaching $102.61 per barrel, while Brent North Sea crude climbed 3.2 percent to $116.15 per barrel.
The surge in oil prices coincided with falling global stock markets, as investors reacted to the heightened geopolitical risk and uncertainty surrounding energy supplies from the region.
Analysts warn that further escalation could continue to drive energy prices higher and increase volatility in financial markets worldwide.
