PSX: KSE-100 settles below 177,000 level amid US-Iran conflict

According to Business Recorder, the KSE-100 closed at 176,975.67 points on Monday, down 720.83 points or 0.41%, as Middle East tensions weighed on the Pakistan Stock Exchange. The index had climbed near 178,000 points around noon, but selling after midday pushed it to an intraday low of 176,944.91 before the close. Over the previous week, the benchmark had moved within a narrow band, adding 530 points to finish at 177,696.52.

Fresh fighting between the United States and Iran pushed oil higher, with Brent futures up 1.4% to $89.38 a barrel after American forces hit two sites on Larak island on Sunday. Asian shares also slipped, with Japan's Nikkei index down 2.1%, South Korean stocks off 2.4% and an MSCI gauge of Asia-Pacific shares excluding Japan shedding 0.7%.

Bond yields stayed elevated as traders lifted the chance of a September US rate increase to 57%, pushing short-term Treasury yields up and flattening the yield curve. Analysts expect Friday's August payrolls report to show a gain of 58,000 jobs after July's drop of 23,000. That data, along with consumer price figures due on September 11, is seen as central to the odds of an early hike.