Karachi: The Pakistan Stock Exchange (PSX) witnessed a significant downturn today, as investor confidence was shaken following the United States' military strike on Iran.
During the trading session, the market plummeted by over 4,000 points, leading the overall index to close with a decline of 3,855 points. The KSE-100 Index closed at 116,167 points, having fallen below four psychological thresholds in a single day.
The lowest point reached was 115,887, reflecting a daily loss of 3.2%.
Trading volume amounted to 5.9 billion shares worth approximately 23 billion Pakistani Rupees, with only 56 companies seeing their share prices increase, while 385 companies experienced declines.
The day was marked by widespread anxiety and uncertainty among investors, indicating a highly distressed market environment.
Due to the US-Iran conflict, the : Domestic fuel prices in Pakistan are on the brink of a significant increase, with high-speed diesel (HSD) and motor spirit (MS) petrol set to rise by Rs. 27 and Rs. 21 per liter.
If implemented, the revised pricing will see petrol soaring to around Rs. 279-280 per liter, while high-speed diesel is expected to reach approximately Rs. 289-290 per liter, representing a significant increase from the current rates
The oil prices also hitted by 5-months higher, Brent crude increased by 0.8%, reaching $77.62 per barrel, while West Texas Intermediate rose to $74.42. Over the weekend, prices briefly soared to as high as $81 before settling down.
