Pakistan’s stock index falls nearly 1,000 points amid Middle East tensions — Dawn
In Pakistan, the benchmark KSE-100 stock exchange index fell by 993.91 points, or 0.57%, to 172,642.16 points at the close of trading on Tuesday. The decline came amid tensions in the Middle East and rising global oil prices, Dawn reports.
Fluctuations during trading
At the start of the day, the KSE-100 index fell by 1,904.31 points, or 1.10%, to 171,731.76 points compared with the previous close of 173,636.07 points. At around 13:30, the index reached an intraday low of 171,490.63 points, after which it partially recovered its losses.
On the previous trading day, Monday, Pakistan’s stock market also declined: the KSE-100 lost 1,692.74 points and ended the session at 173,636.08 points. The publication notes that investors have been taking profits this week due to the situation in the Middle East and political uncertainty.
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Oil increased the pressure
AKD Securities research director Awais Ashraf said that investor sentiment is being affected by the prolonged tensions between the United States and Iran. According to him, rising oil prices are creating additional pressure.
Recent Houthi attacks on Saudi Arabia’s energy facilities have heightened regional tensions. Against this backdrop, Brent crude rose to $99.22 per barrel, its highest level since July 24, while U.S. WTI reached $94.60 per barrel, its highest level since June 8.
At the same time, Ashraf noted that resilient macroeconomic indicators and Pakistan’s recent access to the international eurobond market provide policymakers with some room for maneuver compared with previous shocks.
