Selling pressure at bourse, KSE-100 sheds over 450 points
Bearish sentiments prevailed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index losing over 450 points during the opening hours of trading on Wednesday.
At 11:20am, the benchmark index was hovering at 121,512.84, a decrease of 458.20 points or 0.38%.
Selling pressure was observed in key sectors including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks including HUBCO, PSO, MARI, OGDC, POL, PPL, MCB, MEBL and NBP traded in the red.
The PSX experienced a bearish close on Tuesday, as key benchmark indices retreated following a session primarily marked by declining scrips. The benchmark KSE-100 Index shed 254.32 points, representing a 0.21 percent dip, to settle at 121,971.04 points.
Internationally, concerns over escalating hostilities in the Middle East stayed front and centre in markets on Wednesday, sending oil prices higher and investors rushing for the safety of US Treasuries and the dollar while dumping stocks.
Investors have grown increasingly nervous over the possibility of a more direct US military involvement as the Israel-Iran air war entered a sixth day, with President Donald Trump calling for Iran's unconditional surrender and warning US patience was wearing thin.
Oil prices extended their climb on Wednesday, with Brent crude futures up 0.33% to $76.70 per barrel while US crude rose 0.45% to $75.18 a barrel. Both had jumped more than 4% in the previous session.
The broad risk-off moves across markets also continued to gather pace.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.26%, as did EUROSTOXX 50 futures, which declined 0.4%.
US stock futures were little changed after the cash session on Wall Street ended in the red overnight.
In currencies, the dollar firmed at a one-week high of 145.445 yen and held most of its gains against other peers.
The euro struggled to recover from its 0.7% fall on Tuesday, and last bought $1.1487.
This is an intra-day update
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