KARACHI, Sindh: The KSE-100 sell-off erased nearly 2,000 points intraday on July 29 as renewed Middle East attacks pushed oil prices higher and revived risk aversion.
The index fell as low as 175,631.74, marking a decline of 1,992.14 points from Tuesday’s close. However, it recovered to 176,432.73 by 1:29 pm, according to data from the Pakistan Stock Exchange.
At that level, the benchmark remained down 1,191.15 points, or 0.67%, in an intraday session that had yet to produce a final closing figure.
Selling affected automobile assemblers, cement producers, commercial banks, power companies and oil-sector shares. HUBCO, MARI, OGDC, PPL, POL, PSO, MCB, MEBL and UBL traded lower.
The KSE-100 had already declined by 638.45 points on July 28. It closed that session at 177,623.88 after investors booked profits following Monday’s rally.
Read: Pakistan Petrol Price Rises to Rs335.81 on July 29
Global oil prices rose by nearly $3 a barrel after the United States and Saudi Arabia struck Iran-aligned groups in Iraq. The US military also said it intercepted Iranian ballistic missiles aimed at American forces.
Read: Pakistan Petrol Price Rises to Rs335.81 on July 29
Brent crude gained $2.70, or 3.2%, to $86.79 a barrel by 0645 GMT. West Texas Intermediate rose $2.65, or 3.3%, to $81.91, Reuters reported. Only five commodity ships passed through the Strait of Hormuz on Tuesday, while tanker traffic remained subdued.
US crude inventories also fell by an estimated 3.3 million barrels in the week ending July 24, according to figures cited by Reuters.