PSX: KSE-100 sheds over 700 points

According to Business Recorder, the KSE-100 index was lower in the early part of Friday's session, trading at 167,933.14 at 12pm after a drop of 703.71 points, or 0.42%. Traders turned defensive after reports that the US is deploying extra troops and aircraft carriers to the Middle East.

Selling was broad, covering automobile assemblers, cement, commercial banks, exploration companies, oil marketing firms and power generators. Index-heavy stocks such as HBL, NBP, UBL, HUBCO, PSO and SSGC were trading lower as well.

The slide follows Thursday's session, when the index closed 1,332.47 points lower at 168,636.85 after early gains above the 170,000 level evaporated. Elevated crude prices and lingering geopolitical uncertainty were cited as drags on sentiment, while Asian shares also fell ahead of key US nonfarm payrolls data due later on Friday.