PSX: KSE-100 sheds over 800 points

Business Recorder reported that the KSE-100 index traded lower early on Friday, standing at 167,817.38 at 11:52am after a fall of 819.47 points, or 0.49 per cent. The decline came as investors stayed wary of reports that the United States is deploying extra troops and aircraft carriers into the Middle East.

Investors sold shares in car assemblers, cement, banks, exploration producers, oil marketing firms and power generators. Heavyweight stocks ARL, HUBCO, PSO, SSGC, HBL, NBP and UBL were also trading in negative territory. On Thursday, the index closed at 168,636.85 after shedding 1,332.47 points, or 0.78 per cent, having earlier climbed above the 170,000-point level. The report linked the slide to higher crude prices and lasting geopolitical tension, which dented investor mood and erased the early gains.

Across Asia, MSCI's Asia-Pacific gauge excluding Japan dropped 0.5 per cent, while the US nonfarm payrolls report is scheduled for release later today, with forecasts pointing to 90,000 jobs in September. Hourly earnings will also be watched after an ISM survey indicated a sharp rise in prices paid.