KARACHI – Pakistan Stock Exchange (PSX) saw a massive decline on Thursday amid concerns over rising oil prices in international market due to the Middle East tensions.
During intraday trading, the KSE-100 has recorded a decline of 4,346.91 points to reach 161,476.96 points, marking a negative change of 2.62 percent compared to previous close of 165,823.87 points.
Market analysts attributed the slide to fears that continued geopolitical instability could drive up global oil prices, increasing inflationary pressures in Pakistan and affecting corporate earnings.
The surge in crude oil prices has raised concerns about higher production and transportation costs, which may impact businesses across various sectors.
Trading volumes were also affected, reflecting cautious investor behavior amid the uncertainty.
Following US President Donald Trump’s announcement to continue the naval blockade of Iran, global crude oil prices surged to new highs.
Brent crude reached a multi-year peak, rising by more than 8% to $124 per barrel. Meanwhile, U.S. crude saw a 7% increase, climbing to $108 per barrel.
