PSX: Selling continues, KSE-100 down nearly 400 points

Business Recorder reported that selling continued on the Pakistan Stock Exchange on Wednesday, with the KSE-100 shedding nearly 400 points in the opening minutes. At 10:35am the index stood at 172,268.78, down 373.38 points or 0.22%. Investors were reacting to fresh attacks across the Middle East, and losses were seen in automobile makers, cement, banks, fertiliser and oil marketing companies.

On Tuesday the index had already slid 993.92 points, or 0.57%, to close at 172,642.16 as escalating US-Iran tensions and high crude prices encouraged profit-taking. Brent crude climbed towards $100 a barrel on Wednesday, adding $1.57 to reach $99.49, its highest level since late June. Oil has risen for four straight sessions, and the rally has added to inflation concerns ahead of the upcoming release of US consumer price data.

Regional markets were mixed, with Sydney down about 0.3%, Hong Kong's Hang Seng lower by 0.6% and mainland blue chips up 0.2%. Chip and AI stocks lifted Japan's Nikkei by 0.6% after a 1.7% drop on Tuesday, and South Korea's KOSPI rose 1.6%. US S&P 500 futures added 0.1% after the cash index fell 0.6% on Tuesday.