PSX slips 721 points over mounting ME tensions
The Pakistan Stock Exchange (PSX) experienced a significant decline as geopolitical tensions in the Middle East and rising oil prices impacted investor sentiment. While most sectors saw losses, oil refineries emerged as outperformers due to expected infrastructure upgrades.
Why it matters
The market reaction underscores how regional geopolitical instability directly impacts emerging market economies and investor confidence in energy-dependent sectors.
--> Home Business PSX slips 721 points over mounting ME tensions Index comes under pressure on soaring oil prices; refineries emerge as key outperformers
facebook --> twitter --> whatsup --> linkded --> email MORE (3) Messenger Whatsapp --> PSX KARACHI/JOHI: Pakistan Stock Exchange (PSX) lost around 720 points on Monday as investor selling kept the benchmark KSE-100 index under pressure in the face of escalating geopolitical tensions, rising international oil prices and cautious sentiment.
Stock offloading was observed in key sectors, including automobile assemblers, cement, commercial banks, oil marketing companies, oil and gas exploration and power generation. Investors remained cautious as oil prices rose nearly 3% after the United States attacked an Iranian island in the Strait of Hormuz and Tehran retaliated, extending the conflict into its sixth month. The escalation also weighed on Asian markets, with major regional equities declining during the day.
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