PSX: KSE-100 loses over 1,700 points

Business Recorder reported that the KSE-100 index fell 1,731.39 points, or 0.98 per cent, to 174,735.60 at 3:15pm on Wednesday. The drop came as concerns over supply disruption grew after the US and Iran traded strikes overnight, pushing selling across the Pakistan Stock Exchange.

The sell-off reached car assemblers, cement firms, commercial banks, exploration companies, oil marketing companies and power generators. Index-heavy stocks, among them HUBC, MARI, OGDC, PPL, HBL, MCB, MEBL and NBP, were trading lower.

Asian shares also fell as a bond market selloff spread across global markets, while fresh US attacks on Iran lifted oil prices. MSCI's broadest index excluding Japan dropped 1.5 per cent, South Korea's KOSPI lost more than 3 per cent and Japan's Nikkei 225 was down 2.6 per cent. Fed funds futures put a 67% chance on a 25-basis-point rate increase at the Federal Reserve's meeting ending September 16, up from 39.6% a week earlier.