Stocks tumble 1,690 points as US-Iran tensions trigger sell-off

The Pakistan Stock Exchange ended Wednesday sharply lower, with the KSE-100 index losing 1,690.40 points, or 0.96%, to close at 174,776.60. According to The Express Tribune, the decline followed escalating tensions between the United States and Iran and fresh worries over energy supplies. Commercial banks, cement and oil and gas exploration shares absorbed the heaviest selling.

The index traded between 175,841.83 and 174,562.88 and stayed under pressure throughout. Early on it was down 1,663.16 points, and although it regained some lost ground, renewed selling dragged it lower again towards the close. KTrade Securities noted that trading was concentrated while volatility ran high.

Crude oil climbed around 7% overnight after renewed US airstrikes, adding to worries about inflation and import costs. Volume fell to 610.1 million shares from 784.4 million on Tuesday, and traded value came to Rs31.8 billion. Of 501 companies traded, 356 declined and 113 advanced, while Cnergyico PK led volume with 124.9 million shares.