PSX: KSE-100 sheds over 800 points

Business Recorder reported that the KSE-100 index slid by more than 800 points at midday on Tuesday, as worries over a prolonged Middle East conflict weighed on trading at the Pakistan Stock Exchange. At 12:30pm the benchmark stood at 172,822.44, down 813.63 points or 0.47 per cent. The selloff followed Iran's threat to retaliate against any fresh American strikes on its assets.

Losses were concentrated in car assemblers, cement makers, lenders and oil marketing firms. Index heavyweights such as PSO, MARI, POL, MEBL, NBP and UBL were also in negative territory. On Monday the index had ended 1,692.74 points lower, or 0.97 per cent, at 173,636.08.

Elsewhere in Asia, the yen rose as much as 0.6 per cent to 153.51, its strongest level since February 18, while regional shares showed no clear direction. Brent crude edged up 0.04 per cent to $97.04 a barrel, extending a third day of gains that followed Monday's climb to a six-week high.