KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) opened the week on a lower note as investors weigh fate of the US-Iran ceasefire amid tensions at the Strait of Hormuz.
The index stands at 172,080.12, reflecting a decline of 1,858.89 points, or 1.07%, from the previous close of 173,939.01.
During early trading, the market reached a high of 174,523.76 and dipped to a low of 169,226.56 points.
Trading activity saw a total volume of 582,008,891shares exchanged, indicating steady participation from investors.
Market analysts suggest that minor profit-taking and cautious investor sentiment contributed to the slight downturn.
Investors are closely monitoring global and domestic economic indicators for further direction.
In international market, oil prices jumped and stock futures fell on Monday as rising tension in the Middle East kept shipping in and out of the Gulf to a minimum, though traders held out hope for a resolution and Asia's stock markets breezed toward record highs.
Brent crude futures rose about 5% to $95.16 a barrel. S&P 500 futures fell around 0.6% and European futures fell 1.1%. But equity benchmarks in Seoul, Taipei and Tokyo shrugged off risks to advance, with Taiwan's shares touching a record high and the other two not far behind.
Hong Kong's Hang Seng (.HSI) rose 0.8%, Japan's Nikkei (.N225) climbed 1% and South Korea's KOSPI (.KS11) rose 1.4%.
One of the strongest notes of caution in markets on Monday came from Australia's largest business lender, National Australia Bank(NAB.AX) which flagged a $500 million impairment charge as it expects the war to drive up bad debts.