PSX tumbles 1,693 points as selling pressure intensifies

The Pakistan Stock Exchange's benchmark KSE-100 closed 1,692.75 points lower on Monday, a fall of 0.97 per cent, at 173,636.07, according to The Express Tribune. The index slipped below 174,000 after closing the previous session at 175,328.82, and during trading it hit a low of 173,603.75.

The paper linked the sell-off to renewed strain in global oil markets, where strikes exchanged by the United States and Iran, several involving ships, lifted crude by more than $1 a barrel. Iran has signalled that a new limited area in the Gulf and maps of an alternative shipping route through the Strait of Hormuz are on the way, adding to fears of a lasting supply disruption. Refineries, commercial banks, cement makers, automobile assemblers and oil marketing firms were among the sectors hit hardest.

Trading volume fell to 679.1 million shares from 874.3 million on Friday, while shares worth Rs23.6 billion changed hands. Of the 495 companies traded, 311 closed lower, 154 ended higher and 30 were unchanged. Adamjee Insurance and Askari Bank helped cushion the index, whereas United Bank, OGDC and Pakistan Petroleum were the largest drags, and Cnergyico attracted the most volume with 82.5 million shares.