PSX: KSE-100 sheds over 2,100 points amid geopolitical uncertainty

The KSE-100 index dropped more than 2,100 points during Tuesday's session, according to Business Recorder, as concern over a prolonged Middle East conflict weighed on investors. Iran's threat to hit back if the United States launches fresh strikes on its assets added to the caution. At 1:30pm the benchmark stood at 171,496.49, down 2,139.58 points or 1.23 per cent.

Selling hit automobile assemblers, cement, commercial banks and oil marketing companies, while index heavyweights PSO, MARI, POL, MEBL, NBP and UBL traded lower. Monday's session had already closed weaker, with the KSE-100 losing 1,692.74 points, or 0.97 per cent, to finish at 173,636.08. Broad weakness across banks, oil and gas, and cement had dragged the index down that day as investors stayed wary.

Elsewhere, the yen gained as much as 0.6 per cent to 153.51, its strongest level since February 18. Oil prices rose for a third straight session, with Brent crude up 0.04 per cent at $97.04 a barrel after touching a six-week high on Monday. Asian markets were mixed as fresh Iranian threats in the Persian Gulf pushed oil and bond yields higher.