PSX loses 994 points as ME conflict fears hit sentiment

Share prices on the Pakistan Stock Exchange slid on Tuesday, as the benchmark KSE-100 closed at 172,642.16 after a loss of 993.92 points, or 0.57 per cent, amid worries that the Middle East conflict could drag on. Investors turned defensive as the index swung widely during the session, touching 173,736.20 at its peak and sliding to 171,490.63 before recovering part of the decline.

The Express Tribune reported that Houthi strikes on energy installations and urban areas in Saudi Arabia wounded more than 70 people, heightening concern that the Iran conflict may widen into a broader regional confrontation. Crude prices rose for a third straight session and hovered close to six-week highs as US-Iran tensions fuelled fears of a longer disruption to Middle East supplies, adding to the strain from costlier energy for the domestic economy.

Selling pressure was visible in automobile makers, cement producers, banks and oil marketing firms, although KTrade Securities noted a late rebound as crude eased to roughly $98.30 per barrel from around $100. Turnover climbed to 722.6 million shares from 679.1 million the previous day, with traded value at Rs27.9 billion, and 101 of 496 companies closed higher against 359 that fell. Cnergyico PK led the volume table with 103.9 million shares, adding Rs0.3 to finish at Rs13.32.