PSX: Selling continues, KSE-100 down nearly 400 points
Selling continued at the Pakistan Stock Exchange (PSX) amid negative sentiment among investors following renewed attacks across the Middle East, with the benchmark KSE-100 Index shedding nearly 400 points during the opening minutes of trading on Wednesday. At 10:35am, the benchmark index hovered at 172,268.78, down 373.38 points, or 0.22%. Selling was observed in key sectors, including automobile…
The Pakistan Stock Exchange (PSX) continued to see selling activity on Wednesday, with the KSE-100 Index falling by nearly 400 points during the early trading session. The index was trading at 172,268.78 at 10:35am, down 373.38 points, or 0.22%. Key sectors, such as automobile assemblers, cement, commercial banks, fertilisers, and oil marketers, experienced declines.
Major index stocks like MARI, PSO, HBL, MCB, NBP, and UBL were trading in the red. On Tuesday, negative sentiment was driven by US-Iran tensions and higher global crude prices, causing the KSE-100 Index to drop by 993.92 points, or 0.57%, to close at 172,642.16. Rising Brent crude prices, nearing $100 per barrel, and Houthi attacks in Yemen added to the bearish sentiment.
Asian stock markets, including Sydney, Hong Kong, and mainland China, underperformed as investors reacted to the Middle East unrest and inflation concerns ahead of US consumer price data. Oil prices surged for a fourth consecutive day, with Brent crude futures reaching $99.49 a barrel. Regional stock markets saw mixed performances, with Japan's Nikkei up 0.6%, South Korea's KOSPI jumping 1.6%, and Taiwan's TAIEX rising 0.6%.
The Philadelphia Semiconductor Index, however, rebounded 1.3%. U.S. S&P 500 futures gained 0.1%, after falling 0.6% on Tuesday.
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