PSX falls 699 points as war jitters grip market

Renewed fears of war kept Pakistani investors cautious on Wednesday, pushing the Pakistan Stock Exchange lower, according to The Express Tribune. The benchmark KSE-100 closed 0.40 per cent lower at 171,943.60, a fall of 698.56 points.

Intraday trading ranged from a peak of 173,174.19 to a low of 171,801.67. Activity stayed largely flat until the final hours, when selling accelerated and pulled the index deeper into losses.

Sentiment was dented by the ongoing hostilities between the US and Iran, where strikes on military, shipping and energy sites raised fears of wider regional instability and higher oil prices. Brent crude went above $100 a barrel after overnight tensions flared, and the Strait of Hormuz was still disrupted. Selling was concentrated in commercial banks, cement and fertiliser, with MCB Bank, Lucky Cement and Meezan Bank among the weak names. Volume fell to 477.6 million shares worth Rs22.6 billion, down from 722.6 million the previous day, with 293 stocks declining against 162 gainers.