Summary PSX fell 1,446 points as KSE-100 closed at 169,032 amid global tensions. Brent oil rose over $3 to $96.24 on Middle East conflict and supply concerns
KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) witnessed a decline on the first trading day of the business week as selling pressure dominated the market amid rising tensions in the Middle East.
During intraday trading, the benchmark KSE-100 Index dropped by 1,446 points, bringing it down to 169,032 points. The index also touched an intraday low of 168,432 points, while the day’s high stood at 169,254 points.
The market had closed the previous week at 170,478 points, indicating a notable decline at the start of the new trading session.
Meanwhile, Brent oil prices jumped more than $3 a barrel on Monday, initially spooked by Israel's launch of renewed strikes on Lebanon a day earlier, but also gaining further steam after sounds of explosions were heard in Iran.
Sounds of blasts were heard - in Tehran, Tabriz and Isfahan, local media reported early on Monday, eroding hopes for an imminent end to the wider war and a restart to crude flows through the Strait of Hormuz.
Brent crude futures rose $3.20 or 3.39% to $96.24 a barrel while U.S. crude futures were up $2.87 or 3.17% at $93.41 per barrel as of 0333 GMT.
Those gains erased Friday's losses, when prices fell on hopes of a de-escalation in the U.S.-Iran conflict, which has seen oil prices rise over 50% since March.
Though Iran on Sunday fired a salvo of missiles at Israeli targets in retaliation, U.S. President Donald Trump insisted that an agreement to end the wider war remains well within reach.
Trump also reportedly told Israeli Prime Minister Benjamin Netanyahu to refrain from further attacks.
"It’s not going to have any impact on the deal," Trump told the Financial Times. "I call the shots. I call all the shots. He doesn’t call the shots."
