PSX: Regional tensions push KSE-100 into red

Business Recorder reported that the Pakistan Stock Exchange opened lower on Tuesday as tensions in the Middle East intensified, with the KSE-100 losing about 500 points in the first minutes of trading. At 9:50am the index stood at 179,958.56, a decline of 543.88 points or 0.30 per cent. The fall came as hopes for an end to the Middle East war faded.

Selling was seen across carmakers, cement producers, banks, exploration firms, oil marketing companies and power generators. Index-heavy stocks including HUBCO, MARI, OGDC, PPL, POL, MCB, MEBL, NBP and UBL were all trading in negative territory.

The index had closed at 180,502.45 on Monday after gaining 397.83 points, or 0.22 per cent, helped by a rally in refinery shares linked to a large modernisation and expansion plan. Profit-taking in other heavyweights capped that advance. Overseas, Brent crude rose 0.2 per cent to $91.06 a barrel after a US-Iran truce expired and Tehran signalled a more aggressive military posture, while US 10-year Treasury yields rose and the S&P 500 slipped 0.5 per cent overnight.