KARACHI – Pakistan Stock Exchange (PSX) opened new business week on a negative note as selling pressure has intensified amid ongoing exchange of strikes between the US and Iran.
The KSE-100 index shed 2,202.63 points to drop to 180,039.14 points compared to previous close of 182,241.77 points.
The US and Iran continue to exchange strikes against each other due to rising tensions over the Strait of Hormuz, a key waterway for world trade.
US Central Command (CENTCOM) completed a new wave of offensive strikes against Iran, July 12, hitting dozens of targets at multiple locations with precision munitions to degrade Iran’s ability to continue attacking international shipping flowing through the Strait of Hormuz.
In an official statement, it said CENTCOM forces struck Iranian military air-defense systems, coastal radar sites, missile and drone capabilities, and small boats using U.S. fighter aircraft, naval vessels, one-way attack aerial drones, and one-way attack sea drones for the first time.
The Strait of Hormuz is a vital maritime corridor for global trade. Iran does not control it.
US forces are postured and prepared to ensure that freedom of navigation remains available to commercial shipping despite Iran’s continued unwarranted aggression, harassment, threats, and arbitrary declarations.
The Islamic Revolutionary Guard Corps (IRGC) has also claimed targeting US military bases in Kuwait, Jordan and Bahrain.
On the other hand, Bahrain activated missile alert sirens for a second time after Iran launched retaliatory strikes.
Earlier, Iranian Parliament Speaker Mohammad Baqer Ghalibaf has warned that the United States must uphold its commitments under the agreement aimed at ending the recent conflict or face consequences for failing to do so.
