Summary Pakistan Stock Exchange opened lower, KSE-100 down 855 points, as Middle East tensions push oil prices up over 2%, dampening hopes for a quick US-Iran ceasefire extension.
KARACHI (Dunya News) – Pakistan Stock Exchange (PSX) opened new business week on a negative note as tensions heightened in Middle East.
In opening session, the KSE-100 index plunged 855.34 points to reach 173,107.47 points, reflecting a negative change of 0.49 percent compared to previous close of 173,962.81.
Meanwhile, oil prices rose more than 2 percent after Iran and the US traded strikes and Israel ordered troops to move further into Lebanon in the battle with the Tehran-backed Hezbollah militant group.
U.S. crude futures rose $2.29 or 2.62% to $89.65 a barrel as of 0436 GMT. Brent futures rose $2.05 or 2.25% to $93.17 a barrel.
The stepped-up fighting, coming just after the U.S. hosted Israel-Lebanon peace talks in Washington on Friday, dimmed expectations that the U.S. and Iran could soon announce an extension to their ceasefire agreement, which had driven Brent and WTI to settle down 1.8% and 1.7%, respectively, on Friday.
