PSX: Selling continues, KSE-100 sheds nearly 1,400 points

Business Recorder reported that the PSX extended its losses on Thursday, with the benchmark KSE-100 sliding close to 1,400 points after Iran and the United States carried out their heaviest attacks on shipping since their conflict began six months ago. At 12:50pm the index was quoted at 170,550.60, lower by 1,392.99 points or 0.81%. The index had already shed 698.56 points on Wednesday, closing at 171,943.60.

Sana Tawfik, Head of Research at Arif Habib Limited, told Business Recorder that renewed US-Iran tensions over the last day or two, together with oil prices above $100 a barrel, had fed selling pressure. She said the SBP is forecast to leave matters unchanged at its monetary policy announcement on Monday, but a run of consecutive rises in domestic oil prices has put that decision under closer scrutiny.

Commercial banks, cement, fertiliser, automobile assemblers, OMCs and oil and gas explorers all came under pressure. Heavyweights PSO, MARI, OGDC, PPL, FFC, MCB, MEBL and NBP all traded in negative territory. Abroad, Asian shares slid and Brent crude rose to $101.4 a barrel in early trade.