KARACHI (Dunya News) – Pakistan Stock Exchange (PSX) opened in negative territory on Monday as fresh fighting between the United States and Iran heightened uncertainty across financial markets.
The benchmark KSE-100 Index fell by more than 600 points shortly after the opening bell, reaching 177,066 points.
The index had closed the previous trading week at 177,696 points.
The decline came as renewed military tensions between Washington and Tehran raised concerns among investors and weighed on market sentiment at the start of the new trading week.
Meanwhile, global share markets slid on Monday in Asia as fresh fighting broke out between the U.S. and Iran, lifting oil prices, while bond yields stayed elevated after investors narrowed the odds on a U.S. rate hike.
Brent futures climbed 2.8% to $90.60 a barrel after U.S. forces struck two of Iran's launchers on its island of Larak on Sunday. In response, Iran was attacking U.S. forces stationed in Jordan, Fox News said.
Higher yields combined with geopolitical stress to push Japan's Nikkei (.N225) down 1.6%, while South Korean stocks fell 2.2%. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) lost 1.2%.