KARACHI, Sindh: The KSE-100 plunge deepened on Thursday as the benchmark lost 3,078.55 points, or 1.79%, to close at 168,865.04 amid renewed US-Iran attacks and oil above $100.
Pakistan Stock Exchange (PSX) data showed the index fell as low as 168,471.78 during the September 10 session after opening near the previous close of 171,943.59.
Selling was broad-based, with additional pressure from local institutional selling as investors reduced exposure amid concerns over geopolitical uncertainty, higher energy costs and potential pressure on Pakistan’s inflation and external account.
Trading remained heavy, with the PSX regular market recording about 628.7 million shares worth PKR 27.02 billion during the session, according to official exchange data.
Read: KSE-100 Index Gains 575 Points as Value Buying Lifts PSX
Oil remained a central concern for investors. Brent crude held above USD 100 a barrel on Thursday after Iran and the United States carried out their largest attacks on shipping since their six-month conflict began. Reuters reported Brent at around USD 101.34 early in the session.
Iran said it attacked 10 vessels near the Strait of Hormuz after US forces sank five Iranian oil tankers. The renewed fighting has further restricted shipping through the key energy corridor.
Preliminary ship-tracking data showed only seven vessels crossed the Strait of Hormuz on Wednesday, down from 12 the day before and below the 10-day average of 14.
