Business
PSX slips roughly 1,300 points amid rising US-Iran tensions
The Pakistan Stock Exchange (PSX) on Wednesday saw a bearish trend amid growing tensions between the US and Iran after the latest exchange of strikes.
The KISE index shed 1,289.43 points or 0.73 percent to 175,177.56 points from previous close of 176,466.99.
The market traded between an intraday high of 175,519.88 and a low of 174,701.13.
The trading volume was 57,010,307 and the overall market value was listed at 3,482,780,690.
Asian equities tumbled on Wednesday as a bond market-led selloff on global markets spilt into the region following intensified attacks by the U.S. on Iran pushed oil prices higher.
MSCI’s broadest index of Asia-Pacific equities outside Japan (.MISX00000PUS) slumped 1.5% with South Korea’s KOSPI (.KS11) skidding more than 3% and the Nikkei 225 (.N225) off 2.6%. S&P 500 e-mini futures dipped 0.1%.
Brent crude futures rose for a second day in Asia trade, gaining 1.3% to $95.91 a barrel after the U.S. launched a round of airstrikes on Iran on Tuesday, which pushed oil prices to a five-week high earlier.