KARACHI – Pakistan Stock Exchange opened on a negative note on Wednesday as fresh exchange of airstrike between the US and Iran heightened tensions in the region.
The KSE-100 index plunged by 1,089 points in opening session to drop to 169,932 points compared to previous close of 171,021.77.
Oil prices climbed on Wednesday, building on gains from the previous day, as renewed tensions in the Middle East emerged following Iran’s missile strikes toward Kuwait and Bahrain. Meanwhile, negotiations between Iran and the United States showed little headway.
Brent crude futures rose by 81 cents, or 0.8%, reaching $96.81 per barrel by 0330 GMT. U.S. West Texas Intermediate (WTI) crude increased by 91 cents, or 1.0%, to $94.67 per barrel.
A day earlier, the benchmark KSE-100 Index rebounded, rising 421.57 points, or 0.25%, to close at 171,021.77, up from the previous session’s 170,600.20, according to PSX data.
The trading session saw a total volume of 550.79 million shares exchanged, with a combined value of Rs 27.444 billion, slightly lower than Monday’s 589.76 million shares worth Rs 31.984 billion. Market capitalization edged higher to Rs 18.940 trillion from Rs 18.876 trillion a day earlier.
Among the 488 active stocks in the ready market, 221 recorded gains, 226 declined, and 41 remained flat by the end of trading.
About the Author
