Pakistan shares extended their losing streak on Monday as rising tensions in the Middle East rattled investors, dragging the benchmark KSE-100 Index down by more than 1,000 points during early trading.
By 12:34pm, the KSE-100 Index was trading at 174,774.96, down 1,027.82 points, or 0.58 percent, as investors continued to trim positions amid growing geopolitical uncertainty.
The selling was broad-based, with heavy pressure across automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration firms, oil marketing companies and power producers. Major stocks including OGDC, Mari Energies, PPL, POL, Hub Power, MCB Bank, Meezan Bank and National Bank of Pakistan all traded lower.
The weak start followed another bruising week for the local market. The KSE-100 Index lost 6,438.97 points, or 3.5 percent, last week as fears over the widening conflict between the United States and Iran, coupled with soaring global oil prices, kept investors firmly on the sidelines.
The cautious mood was not limited to Pakistan. Stock markets across Asia also struggled as the conflict fuelled fresh concerns about inflation and higher interest rates.
Oil prices surged after Brent crude climbed above $90 a barrel for the first time in more than a month. The latest jump came as military action between the US and Iran intensified, while shipping through the Strait of Hormuz slowed sharply, raising concerns over global energy supplies. Brent crude was last up 2.6 percent at $90.40 a barrel, while US crude gained 2.3 percent to $84.39.
Higher oil prices have revived worries that inflation could remain stubborn, reducing hopes for lower interest rates. Investors are also reassessing lofty valuations in global technology and AI stocks, adding to the cautious tone across equity markets.
