PSX shows modest recovery after 15,000-point drop halts trading activity
Business
PSX suspended trading for an hour after the KSE-100 index plunged 15,071 points, down 8.97%. Meanwhile, Brent crude surged 10% to $80 amid escalating tensions following US-Israel strikes on Iran.
KARACHI (Dunya News) – Pakistan Stock Exchange (PSX) staged a recovery on Monday after witnessing a nosedive of over 15,000 points amid rising geopolitical tensions involving Iran, Israel and the US.
During intraday trading, the KSE-100 recovered by 2,944.26 points to reach 155,935.41 points as earlier it plunged to 152,717.46 points.
earlier, trading activity was suspended at the Pakistan Stock Exchange (PSX) after it crashed by over 15,000 points on Monday amid rising geopolitical tensions involving Iran, Israel and the US.
As per the marked opened, the KSE-100 index dropped by 15,071.01 points to reach 152,991.15 points, reflecting a change of 8.97 percent compared to previous close of 168,062.16 points.
The trading activity had been stopped for one hour to avoid further losses.
Meanwhile, Brent crude jumped 10% to about $80 a barrel over the counter on Sunday, oil traders said, while analysts predicted that prices could climb as high as $100 after U.S. and Israeli strikes on Iran plunged the Middle East into a new war.
The global oil benchmark has rallied this year and reached $73 a barrel on Friday for its highest since July, buoyed by growing concern over the potential attacks that arrived a day later. Futures trading is closed over the weekend.
